BTC/USD - Triangles - Short & Long Term Opportunities

According to my latest analyses BTC is still in the bear phase of its cycle and based on my model is set to break the multi-month lows in an attempt to find its bottom in the 3-5K area. For short-term traders, there is an opportunity to trade the break of the triangle. Can be both ways, but personally, am going to trade only the breakdown.

Wish all a great trading day.

تعليق:

Update: As expected there was a break of the projected triangle. A quick trade for those who traded the break-up. Now we can see a strong bearish divergence, which alongside with the retest of the downtrend line is an extremely bearish sign.
The new idea is to trade that divergence, with a SL above the down channel (Daily chart).

تعليق:

For a better confirmation and to minimise the risks the short trade can be opened if the upside of the channel would be reached, as there is a possibility that the triangle will play out like a flag pattern, which has a target projection exactly touching the channel. But there is still possibility that the price will retrace from the current levels of 6800.

تعليق:

Mistake:a pennant, not a flag)

تم فتح الصفقة:

Update: As expected the price bounced back from the 6800 area, and reached almost 50% of the projected target in less than 2 hours.

تعليق:

Update: Check my new chart !!!!

تعليق:

Sorry, not mine - thats a good analyses looking at the much longer term picture

تعليق:

Here is my update: