BTCUSD: Recurring Triangles show sell towards 2,800.
Bitcoin continues to trade within a strong 1D Channel Down (RSI = 29.145, MACD = -509.800, Highs/Lows = -203.2102), just above the oversold tolerance limit. It just broke the 4H Triangle to the downside (RSI = 38.109, MACD = -57.100, Highs/Lows = -56.1897) and should attempt to test the lower Lower Low support trend line at 3,000.
Since this Triangle is a recurring pattern, as we've seen it earlier within the Channel Down, we can draw some important conclusions on the price direction. The previous Triangle after it broke to the downside it made a new low on -18.70% decline. If the current break out of the identical Triangle follows the same pattern then the -18.70% decline leads to just below 2,800 in a nearly 5 day horizon.
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Since this Triangle is a recurring pattern, as we've seen it earlier within the Channel Down, we can draw some important conclusions on the price direction. The previous Triangle after it broke to the downside it made a new low on -18.70% decline. If the current break out of the identical Triangle follows the same pattern then the -18.70% decline leads to just below 2,800 in a nearly 5 day horizon.
** If you like our free content follow our profile (www.tradingview.com/u/InvestingScope) to get more daily ideas. **
Comments and likes are greatly appreciated.
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Over 65% accuracy on Private Signals Channel.
Over 15% return monthly on our Account Management Plan.
Account RECOVERY services.
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