Based on the amount of times support has been confirmed at the $31,000 level and the number of lower highs along a trendline I believe that a descending triangle pattern is in play. This is supported by the previous formation of a pennant which has lasted longer than four weeks at which point it is more likely to be a triangle. Initially, I thought that we were in a symmetrical triangle but the upper diagonal trendline is too obvious to ignore. As such, I've updated my plan to reflect this new information.
Not financial advice. I'm a beginner and I'm using tradingview as a platform to journal my study of technical analysis on BTC. Feedback welcome.
Not financial advice. I'm a beginner and I'm using tradingview as a platform to journal my study of technical analysis on BTC. Feedback welcome.