Hi!
BTCUSD formed a triangle, breaking below and retesting the edge of it nicely on the 2 hour time-frame. From there on it has reached the first targets where we have seen a period of profit taking at half way to the first target zone in the form of buy orders being executed.
Since we have approached the first bigger scale target traders are likely to take profit here, forming a bullish chart pattern on the lower time-frame around this level.
Have an eye on those lines in conjunction with different time-frames. A reversal pattern as well as continuation patterns are likely to be formed around these levels.
Thanks for reading
-heish
If you would like to learn about technical analyses please visit George Beaulieu on Youtube and leave a like.
BTCUSD formed a triangle, breaking below and retesting the edge of it nicely on the 2 hour time-frame. From there on it has reached the first targets where we have seen a period of profit taking at half way to the first target zone in the form of buy orders being executed.
Since we have approached the first bigger scale target traders are likely to take profit here, forming a bullish chart pattern on the lower time-frame around this level.
Have an eye on those lines in conjunction with different time-frames. A reversal pattern as well as continuation patterns are likely to be formed around these levels.
Thanks for reading
-heish
If you would like to learn about technical analyses please visit George Beaulieu on Youtube and leave a like.