BitcoinFormazione
Breakout from Downwards Triangle
Triangle formations always precede breakouts! It is best with cryptocurrency to look for triangles on 4hr or 1hr charts, though sometimes one can find them on 1 day charts.
Like a series of waves getting smaller and smaller until the shape is formed, triangles must have three complete waves to accurately precede a breakout.
Here you can see the three waves forming the triangle structure and the breakout downwards.
The breakout immediately continued until the price hit the RSI 30 mark - oversold.
The signal line crossed the MACD line marking a bearish reversal as well.
I am not currently invested but wanted to offer this post as education.
Like a series of waves getting smaller and smaller until the shape is formed, triangles must have three complete waves to accurately precede a breakout.
Here you can see the three waves forming the triangle structure and the breakout downwards.
The breakout immediately continued until the price hit the RSI 30 mark - oversold.
The signal line crossed the MACD line marking a bearish reversal as well.
I am not currently invested but wanted to offer this post as education.
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