RISE or FALL!? part 3: Potential Ascending Triangle Pattern?
My crypto nerds!
Part 3 of this block analysis!
The past 24 hours have been interesting for me as Bitcoin touched my support trend line not just once but twice and seems to be holding! not only holding at the support trend line but the 0.5 FIB (represented by the orange rectangle/bold line) is holding also!
What does this mean? well i'm glad you asked! and before i share i wanted to say something. Crypto is always volatile and can do unexpected things at any time not matter how much a trader can analyse the charts, but what we can do is use Technical Analysis to increase the percentage off success in the market, gather intel and use it to our advantage.. meaning to gather enough information to be able to set stop losses in case of a sudden drop in the market and set targets to take profits when going up.
The market does NOT just keep climbing without corrections along the way, always remember that. To me, when i use Technical Analysis , i gather a lot of analysis from every aspect and ask myself what is the probability % that the market will go up or down from here, and what are the risks?!
With that being said, The market can drop from here unexpectedly. Even though between my support trend line and the 0.5 FIB level it is currently holding doesn't mean it can break this level at any given point and move down to the Minor and Major support levels i have outlined in Yellow Rectangles. That is why i have them there, for the unexpected drop! This is to let me know if it does drop, i have areas of which i will be buying back up and looking to take more profits. ALWAYS have a plan for up and a plan for down in a BEARISH or BULLISH market no matter what.
Now for a bullish sign we want to see btc move up to the red resistance zone to help complete the Ascending Triangle Pattern. At this present stage the market as a whole is still bullish until proven to me otherwise. We are still in a upward support trend line with the market making lower highs. Also taking a look at the RSI, we have been on a decline but now have touched the 30 RSI 3 times in the oversold region (marked on RSI chart in orange circles) another high probability of the bullish indicator in my opinion.
I am currently BULLISH like i said but have a plan if it drops below the support trend line and especially the 0.5 FIB level. If BTC reaches the 10650 mark i will expect a much lower drop to levels of my Minor and then Major support levels.
STAY FROSTY
Aus-
Part 3 of this block analysis!
The past 24 hours have been interesting for me as Bitcoin touched my support trend line not just once but twice and seems to be holding! not only holding at the support trend line but the 0.5 FIB (represented by the orange rectangle/bold line) is holding also!
What does this mean? well i'm glad you asked! and before i share i wanted to say something. Crypto is always volatile and can do unexpected things at any time not matter how much a trader can analyse the charts, but what we can do is use Technical Analysis to increase the percentage off success in the market, gather intel and use it to our advantage.. meaning to gather enough information to be able to set stop losses in case of a sudden drop in the market and set targets to take profits when going up.
The market does NOT just keep climbing without corrections along the way, always remember that. To me, when i use Technical Analysis , i gather a lot of analysis from every aspect and ask myself what is the probability % that the market will go up or down from here, and what are the risks?!
With that being said, The market can drop from here unexpectedly. Even though between my support trend line and the 0.5 FIB level it is currently holding doesn't mean it can break this level at any given point and move down to the Minor and Major support levels i have outlined in Yellow Rectangles. That is why i have them there, for the unexpected drop! This is to let me know if it does drop, i have areas of which i will be buying back up and looking to take more profits. ALWAYS have a plan for up and a plan for down in a BEARISH or BULLISH market no matter what.
Now for a bullish sign we want to see btc move up to the red resistance zone to help complete the Ascending Triangle Pattern. At this present stage the market as a whole is still bullish until proven to me otherwise. We are still in a upward support trend line with the market making lower highs. Also taking a look at the RSI, we have been on a decline but now have touched the 30 RSI 3 times in the oversold region (marked on RSI chart in orange circles) another high probability of the bullish indicator in my opinion.
I am currently BULLISH like i said but have a plan if it drops below the support trend line and especially the 0.5 FIB level. If BTC reaches the 10650 mark i will expect a much lower drop to levels of my Minor and then Major support levels.
STAY FROSTY
Aus-
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