Heres a very familiar Descending Triangle where Bitcoins has been through during the first massive pumps that brought the price to the ATH in December and this recent $13K-$14K pump. Both events eventually led to a Descending Triangle pattern which broke bearish as soon as it reached almost the end of the triangle. The bearish divergences on the RSI has yet to be fulfilled.
Only trade the breakouts to be safe and not be sorry. Wait for confirmation of price direction prior to putting in your trade.
Remember to always, always place your stop loss at the appropriate levels immediately after you have put in your long/short position so as not to get wrecked with your trades.
>>>>> Always be prepared for either scenario of upwards movement, downwards movement, or sometimes even sideways movement (consolidation phase & sometimes even extended consolidation phases). <<<<<
Constructive and positive comments are welcome. Be courteous.
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More Power To All Your Trades,
Ron (The Intrepid Trader)
Only trade the breakouts to be safe and not be sorry. Wait for confirmation of price direction prior to putting in your trade.
Remember to always, always place your stop loss at the appropriate levels immediately after you have put in your long/short position so as not to get wrecked with your trades.
>>>>> Always be prepared for either scenario of upwards movement, downwards movement, or sometimes even sideways movement (consolidation phase & sometimes even extended consolidation phases). <<<<<
Constructive and positive comments are welcome. Be courteous.
Consider leaving a like after viewing my post, and click on Follow to receive my latest and updated posts.
More Power To All Your Trades,
Ron (The Intrepid Trader)
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Breakout Trade Strategy
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Short term upwards move until it reaches the descending resistance extended trend line.
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This move upwards could be the last opportunity for the Bitcoin Bulls to breakout of this descending triangle. If the Bulls don't show up, this descending triangle will just have to be fulfilled and a downside breakout will ensue. Good luck bulls!
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Retracement could hit the 0.382 Fib Level.
Or the 0.236 Fib Level.
Or the 0.236 Fib Level.
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Resistance line at the top of this descending triangle has been reached. If price breaks out to the upside, the Adam & Eve Pattern may continue to play out, otherwise price will dump down to $8.5K and even lower to $8K.
Adam & Eve Chart Pattern
Adam & Eve Chart Pattern
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If the price chooses to go further up, look to the Adam & Even Chart Pattern next.
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Critical Moment!
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Volume is increasing on this upside breakout move.
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Price finally dropped from this Descending Triangle.
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Targets: From $8535 down to $8061.
