Looking back at May 16th TA that was sent on BTC the following was stated:
“BTC currently looks to be in a descending triangle pattern which usually means continued movement to the downside. We are also sitting on a support and resistance level of 29.5k.
1. BTC is overall bearish need to see a break about 200 EMA
2. BTC looks to be in a descending triangle pattern.
3. We need to see a higher low formed and a break through major zone 31.5k - 32.5k.”
DAILY TAKEAWAYS:
1. BTC broke out of descending triangle and now is trending in a consolidated form ( 28.5k - 31.5k)
2. BTC has consolidated in this same area months back for about 3 months before making a distinctive move to the upside.
3. Which way do you think we are going to break too?
“BTC currently looks to be in a descending triangle pattern which usually means continued movement to the downside. We are also sitting on a support and resistance level of 29.5k.
1. BTC is overall bearish need to see a break about 200 EMA
2. BTC looks to be in a descending triangle pattern.
3. We need to see a higher low formed and a break through major zone 31.5k - 32.5k.”
DAILY TAKEAWAYS:
1. BTC broke out of descending triangle and now is trending in a consolidated form ( 28.5k - 31.5k)
2. BTC has consolidated in this same area months back for about 3 months before making a distinctive move to the upside.
3. Which way do you think we are going to break too?
