ביטקויןשורט
UPDATE on huge ascending triangle. Bears seem to be winning.
Yesterday was an interesting day. After a clear confirmation of the triangle being broken, there was a HUGE spike in buying volume which pushed the price up to mid 6500's, where it met resistance yet again, as it had a few days ago. If it was a whale, it sure didn't find any follow up, since as soon as he stopped buying, volume dropped, and the price stayed for a few hours on that range and then steadily declined during the night.
Three red 4h candles pushed the price back down to 6400 range and a weak attempt at a rally met strong resistance with the lower line of the triangle, which acted as hard support at around 6470. Interesting to notice (as marked by the green arrow) that ema9/sma20 ALMOST crossed upwards, which to me is bullish, but it failed, at least for now.
The triangle seems to be playing out its part rather well, and it should me resolved in the next 26 hours, I am holding my short at least until then and still have confidence that we will finally break down that local bottom of 6300 and revisit near 6k.
Remember, this is engulfed by a HUGE H&S pattern which is formed on the 1D and which has similar targets.
Safe trades!
Three red 4h candles pushed the price back down to 6400 range and a weak attempt at a rally met strong resistance with the lower line of the triangle, which acted as hard support at around 6470. Interesting to notice (as marked by the green arrow) that ema9/sma20 ALMOST crossed upwards, which to me is bullish, but it failed, at least for now.
The triangle seems to be playing out its part rather well, and it should me resolved in the next 26 hours, I am holding my short at least until then and still have confidence that we will finally break down that local bottom of 6300 and revisit near 6k.
Remember, this is engulfed by a HUGE H&S pattern which is formed on the 1D and which has similar targets.
Safe trades!
כתב ויתור
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