#BTC UPDATE
Updated
Hi guys, This is CryptoMojo, One of the most active trading view authors and fastest-growing communities.
Consider following me for the latest updates and Long /Short calls on almost every exchange.
I post short mid and long-term trade setups too.
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I have tried my best to bring the best possible outcome to this chart, Do not consider financial advice.
#BTC UPDATE
BTC break down this descending triangle pattern
What is a descending triangle pattern?
The classic version of this pattern forms a trend line that is sloping and a flat or horizontal support line. The pattern emerges as the price bounces off the support level at least twice. The completion of the pattern occurs after the end of a retracement in a downtrend.
The downside breakout from the support triggers a strong bearish momentum-led decline.
However, this textbook pattern seldom occurs in real markets. In most cases, a descending triangle pattern can also see a sloping base as well. Instead of a flat support level, you can see higher lows being formed.
The illustration below shows what an “ideal” descending triangle pattern looks like, which is often labelled a descending wedge, as well.
In my last update, I mention the 17.5k horizontal support, after that post, BTC Bounced from that support
Currently, it breakout the descending triangle with a successful retest and heads toward the horizontal resistance which is around 17k.
A solid breakout of 17k would be the confirmation of the continuation of bullish momentum in the market, while a rejection will result in further range play.
Stay tuned I will keep updating.
This chart is likely to help you make better trade decisions if it does consider upvoting it.
I would also love to know your charts and views in the comment section.
Thank you
Consider following me for the latest updates and Long /Short calls on almost every exchange.
I post short mid and long-term trade setups too.
Let’s get to the chart!
I have tried my best to bring the best possible outcome to this chart, Do not consider financial advice.
#BTC UPDATE
BTC break down this descending triangle pattern
What is a descending triangle pattern?
The classic version of this pattern forms a trend line that is sloping and a flat or horizontal support line. The pattern emerges as the price bounces off the support level at least twice. The completion of the pattern occurs after the end of a retracement in a downtrend.
The downside breakout from the support triggers a strong bearish momentum-led decline.
However, this textbook pattern seldom occurs in real markets. In most cases, a descending triangle pattern can also see a sloping base as well. Instead of a flat support level, you can see higher lows being formed.
The illustration below shows what an “ideal” descending triangle pattern looks like, which is often labelled a descending wedge, as well.
In my last update, I mention the 17.5k horizontal support, after that post, BTC Bounced from that support
Currently, it breakout the descending triangle with a successful retest and heads toward the horizontal resistance which is around 17k.
A solid breakout of 17k would be the confirmation of the continuation of bullish momentum in the market, while a rejection will result in further range play.
Stay tuned I will keep updating.
This chart is likely to help you make better trade decisions if it does consider upvoting it.
I would also love to know your charts and views in the comment section.
Thank you
Note
A lot of people are selling at a loss. Is it the bottom?
- According to ASOPR, many people are selling at a loss.
- In addition, many analysts analyze that 'the floor has been reached!' based on ASOPR.
- But in fact, 70% of UTxO remains profitable. Only 30% of the total UTxO is lost.
- Many people are selling at a loss (ASOPR), and UTxO's Profit (%) is also on the decline, but it is not yet more than half as lost as in the past.
Although there is a high percentage of selling losses, most of them still retain their beneficiary rights when considering the overall UTxO.
Most of the people who are selling at a loss now are relatively recent participants. The real bottom comes when more than half of investors in the entire cycle, including this, lose money.
Of course, short-term panic can cause a short-term rebound. But will it continue in the long run? I don't know yet
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