BTCUSD: 4hr Descending Triangle Targeting $7K (30.09)

[dragonvslinux]

Source: Trading View, Spetember 30th 2019

Bitcoin is again forming a descending triangle on the 4hr chart with a measured target of -8.7% to $7027, the support of the bearish channel if this occurs on October 2nd. I'm ignoring the oscillators, for this trade instead acknowledging the descending triangle and bearish weekly close that occurred yesterday. I'm anticipating the 4hr bullish divergence on the RSI to break due to bearish daily and weekly conditions. The monthly close is coming tomorrow, which I expect to trigger this trade within a day or two if not sooner.

Note the descending triangle is still requiring confirmation with a third touchpoint on horizontal support, but with a risk reward ratio of 4.5 I can't pass up this opportunity. It's worth the risk, given how bearish Bitcoin is looking and current projections that are repeating history.

Entry: $8070 (active)
Stop: $8301* (2.86%)
Target $7027 (+8.7%)

*Correction

Related topics:
If Bitcoin Repeats History? 5 Part TA Series On Descending Triangle Breakdowns
BTCUSD: Decision Time & Key Levels To Watch... Bear Flag Or Test Resistance?

Own work: dragononcrypto

[1714945208]

1714945208

[Pab]

Thank you one time again
It may happen.7700 was touched one time again today .It can easy break with higher volume
I think today bulls will like to maintain level above 8K because of monthly close
But from tomorrow stronger moves may occur

[senne]

Source: Trading View, Spetember 30th 2019

Bitcoin is again forming a descending triangle on the 4hr chart with a measured target of -8.7% to $7027, the support of the bearish channel if this occurs on October 2nd. I'm ignoring the oscillators, for this trade instead acknowledging the descending triangle and bearish weekly close that occurred yesterday. I'm anticipating the 4hr bullish divergence on the RSI to break due to bearish daily and weekly conditions. The monthly close is coming tomorrow, which I expect to trigger this trade within a day or two if not sooner.

Note the descending triangle is still requiring confirmation with a third touchpoint on horizontal support, but with a risk reward ratio of 4.5 I can't pass up this opportunity. It's worth the risk, given how bearish Bitcoin is looking and current projections that are repeating history.

Entry: $8070 (active)
Stop: $8031 (2.86%)
Target $7027 (+8.7%)

Related topics:
If Bitcoin Repeats History? 5 Part TA Series On Descending Triangle Breakdowns
BTCUSD: Decision Time & Key Levels To Watch... Bear Flag Or Test Resistance?

Own work: dragononcrypto

*Correct your stop to $8301.

Since, the pattern is still in formation, I will wait for the confirmation. Even I am anticipating a bearish channel which will be confirmed by monthly close. The most probable scenario would be the drop to $7027. I would like to follow the trade. But right now, I am out of the market and just watching it.

[dragonvslinux]

*Correct your stop to $8301.

Thanks, have put in correction to the article. FYI It's not possible to edit/correct tradingview ideas after 15 minutes of publishing, for obvious reasons...

Since, the pattern is still in formation, I will wait for the confirmation. Even I am anticipating a bearish channel which will be confirmed by monthly close. The most probable scenario would be the drop to $7027. I would like to follow the trade. But right now, I am out of the market and just watching it.

You're right it's best to wait for confirmation, 2 touch points isn't enough, it requires 3. I'm taking the gamble, but if the pattern becomes invalidated my stop loss will move to break even.

[dragonvslinux]

Since, the pattern is still in formation, I will wait for the confirmation.

You're right it's best to wait for confirmation, 2 touch points isn't enough, it requires 3.

Stop loss triggered, should of waited for confirmation. Still worth the risk though