Good Morning @everyone;
Today 17 June 2020,
BTC once again continues to be in a sideways trading range from 9500-9260.
There are some interesting chart patterns forming which I would like to highlight here,
1) Low TF Descending triangle:
Here we have BTC 1hr chart and we can clearly make out a descending triangle pattern, this pattern is forming just below the weekly SR level which has been holding BTC down really well. The measured move from this pattern can put BTC to 9250-9210 area which aligns perfectly with previous support and resistance area. We also have Shepherd 1hr sell signal to further this low TF bearish pattern.
2) Daily TF Ascending triangle:
Here we have Daily CME chart which is creating this perfect ascending triangle, I really like this pattern and putting more weight on it as, ascending triangle chart pattern is a continuation pattern and on CME chart we can clearly make out a nice up trend since March 20. Another interesting fact is, this pattern is forming rite below a significant resistance zone, which is also a very promising sign.
What are the measured move targets?
The chances of this pattern breaking down are low, but even if that happen then it could put CME to 8000-7800 area which is a historical support zone and could provide a nice buying opportunity.
However, I am leaning more towards a bullish break and if we plot bullish measured move from this pattern then break to upside could put CME @11500-11600 area, which coincides with one last remaining gap down on the CME chart.
I am also leaning more towards bullish break as we see CME Daily chart in a very nice posture, yesterday we saw CME confirm open and close above the Daily 21EMA, and as far as today’s action goes, we see perfect re-test of 21EMA and bounce from it. Only sign which remains to confirm is spot BTC chart, it is still lagging and moving very slowly, but as soon as we see confirm close above 21EMA BTC should be good to go to.
With most TA posts there are few things which can negate this views and one key thing is break back below 21EMA on daily.
Happy and safe trading…
Chao…
Today 17 June 2020,
BTC once again continues to be in a sideways trading range from 9500-9260.
There are some interesting chart patterns forming which I would like to highlight here,
1) Low TF Descending triangle:
Here we have BTC 1hr chart and we can clearly make out a descending triangle pattern, this pattern is forming just below the weekly SR level which has been holding BTC down really well. The measured move from this pattern can put BTC to 9250-9210 area which aligns perfectly with previous support and resistance area. We also have Shepherd 1hr sell signal to further this low TF bearish pattern.
2) Daily TF Ascending triangle:
Here we have Daily CME chart which is creating this perfect ascending triangle, I really like this pattern and putting more weight on it as, ascending triangle chart pattern is a continuation pattern and on CME chart we can clearly make out a nice up trend since March 20. Another interesting fact is, this pattern is forming rite below a significant resistance zone, which is also a very promising sign.
What are the measured move targets?
The chances of this pattern breaking down are low, but even if that happen then it could put CME to 8000-7800 area which is a historical support zone and could provide a nice buying opportunity.
However, I am leaning more towards a bullish break and if we plot bullish measured move from this pattern then break to upside could put CME @11500-11600 area, which coincides with one last remaining gap down on the CME chart.
I am also leaning more towards bullish break as we see CME Daily chart in a very nice posture, yesterday we saw CME confirm open and close above the Daily 21EMA, and as far as today’s action goes, we see perfect re-test of 21EMA and bounce from it. Only sign which remains to confirm is spot BTC chart, it is still lagging and moving very slowly, but as soon as we see confirm close above 21EMA BTC should be good to go to.
With most TA posts there are few things which can negate this views and one key thing is break back below 21EMA on daily.
Happy and safe trading…
Chao…
