Price Broke Out a Major Resistance with a strong Ascending Movement. Now it s on a Triangle Pattern showing Weakness on the Bullish move:
- Bearish Divergence MACD - Resistance zone at 5356 - Weekly Descending Trendline
If price breaks out the Ascending Trend Line of the Triangle below 5187.3 we expect a Corrective Down movement Towards 4880.6. We will be looking fot Sell setups on the Mentioned area.
800 dollars a bitcoin? Are you smoking ready rock?
ThinkingAnts
⋅
Hi @Dufaus, !
This is our view, using Technical Analysis as a Forecast Method.
If price Can’t surpass the Major Resistance Zone faced at this Moment, and then it Breaks Out the Ascending Channel, we would consider that as a failure of the Bullish Movement.
So, if this scenario occurs, we will be looking for short positions on the mentioned area, always based on the technical behavior of the price.
Liked!~