Bullish divergence & potential reversal pattern on the 4hr chart

3 באוג׳ 2018

We are seeing the bulls put up a nice fight and also bullish divergence on the 4hr chart. We are also seeing a reversal pattern of an ascending triangle in a downtrend. Because the triangle is ascending it has a bigger chance of all of the continuation patterns of breaking up in a downtrend...however as a continuation pattern it can also break down sometimes...this coupled with the bullish divergence on the 4hr suggest we may break up...in doing so we will have formed our higher low on the 1day and our lower low on the 4hr chart finally....both bear and bull possibilities have decent probability so until the breakout I'm neutral.

3 באוג׳ 2018

הערה

there is no divergence on the 1 day chart which is very important to note.

4 באוג׳ 2018

הערה

s3.amazonaws.com/tradingview/snapshots/x/xQ1j6cLn.png we are now in either a stadard symmetrical trianlge which is typically a continuation pattern...or we are in a small falling broadening wedge(typically breaks up) if we are in a wedge the amount it would break up would not be signiicant if we are in a symmetrical triangle there's more likelihood of a continuation of the current downtrend although there are still a few bullish signs at the moment...makes me believe if we do break down we wont be going own too much further...the coinbase custody announcement could help bullish sentiment as well.

4 באוג׳ 2018

הערה

we have finally broken down from the recent pattern defying all the recent bullish divergence...my original projection in the 6800s is still very plausible..I'm thinking we could find support right at the 1 day 50ma as I projected 3 ideas or so. Hopefully for the sake of the golden cross this is the case or we bounce even sooner.