Quick Local Update: BTC, Looking Bottomy
***Firstly, please ignore the BLUE trend lines on this chart. They are my LOG lines and this is my LINEAR chart, so they are not populating as they are actually plotted within this view. Thanks.****
Linear, 4hr chart
Yellow ascending triangle. Top of the triangle is also the .236 retrace of the whole move down from 9950 though, so it's super heavy resistance and a new low following a failure from there would likely indicate a continued downtrend. I'm not *expecting* this scenario but I'm *anticipating* it, just in case.
Ascending triangles often fail in downtrends, BUT there is some hidden bullish divergence (little black lines) AND we did just confirm above the linear downtrend line (orange) as support. Many traders don't consider linear but I do think it's relevant, so there's a little hidden indicator many may not be observing. So overall, while the ascending triangle is exciting and looks promising, it's not the only pattern or indicator signaling bullishness.
I am ready to buy the breakout OR jump ship and wait for a better entry if we fail hard below the ascending triangle support line.
The range is so tight here, scalps have been easy for the last couple days. Those profits provide padding (increase reward, reduce risk) so I can broaden my stop loss and reduce my risk of being stopped out in a potential flash crash/long squeeze before the real move up.
Previous ideas I have published which offer longer-term perspective and are particularly relevant, for your viewing pleasure:
Measure twice, cut once.
May all of life's treasures be yours.
Like, follow, comment, share!
I appreciate you!
Linear, 4hr chart
Yellow ascending triangle. Top of the triangle is also the .236 retrace of the whole move down from 9950 though, so it's super heavy resistance and a new low following a failure from there would likely indicate a continued downtrend. I'm not *expecting* this scenario but I'm *anticipating* it, just in case.
Ascending triangles often fail in downtrends, BUT there is some hidden bullish divergence (little black lines) AND we did just confirm above the linear downtrend line (orange) as support. Many traders don't consider linear but I do think it's relevant, so there's a little hidden indicator many may not be observing. So overall, while the ascending triangle is exciting and looks promising, it's not the only pattern or indicator signaling bullishness.
I am ready to buy the breakout OR jump ship and wait for a better entry if we fail hard below the ascending triangle support line.
The range is so tight here, scalps have been easy for the last couple days. Those profits provide padding (increase reward, reduce risk) so I can broaden my stop loss and reduce my risk of being stopped out in a potential flash crash/long squeeze before the real move up.
Previous ideas I have published which offer longer-term perspective and are particularly relevant, for your viewing pleasure:
Measure twice, cut once.
May all of life's treasures be yours.
Like, follow, comment, share!
I appreciate you!
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