$Bitcoin (BTC.CC)$ BTC broke out from its multi-week rising ...
BTC broke out from its multi-week rising channel a few weeks ago. Hit ATHs then started showing some weakness. The daily RSI is not showing a clear pattern, and we can clearly see a symmetrical triangle on the 4-hour. Based on the RSI it would indicate that this may break to the upside, but one could definitely view this as a bear flag on the daily. It's likely we either retest ATHs soon, or (probably more likely) go back down and test the previous resistance line of the ascending channel, possibly now flipped to support.
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Just a dude highly interested in the financial markets who wants to share helpful info along the journey.
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bruinrc : It’s more of a bear pennant with strong indication to the downside if it breaks the line. However who knows.. I’ll wait for confirmation before going in either direction. This thing is consolidating atm
DudeThatsDerpyOP bruinrc:
Absolutely!
Olivia Doe bruinrc: how to identify your confirmation?
DudeThatsDerpyOP Olivia Doe: With symmetrical triangles I find it is best to wait for the retest of the previous S/R after the initial breakout, regardless of the direction. They tend to have initial false breakouts, followed by the real move.
Powdahound DudeThatsDerpyOP: Thank you for the useful info. @DudeThatsDerpy
DudeThatsDerpyOP Powdahound: Anytime!
71361270HILAAL : ok