2021/09/27 05:31 AM – H4 – TRIANGLE IN PROGRESS ! IMPLICATIONS ?

BTCUSD – H4 – TRIANGLE IN PROGRESS ! IMPLICATIONS ? by Ironman8848 on TradingView.com

Good morning, today we are looking at the 4 hours time frame which is showing
triangle formation in progress.

As mentioned in my previous analysis, the 44’200 level should be considered as an important
resistance area , which, for the time being has not been broken on a H4 closing basis yet.
Indeed, this pivot level should not be underestimated as it is also :

1) the top of the H4 clouds resistance area ;

2) the potential breakout level of the triangle formation in progress;

3) the 50% Fibonacci retracement of the 48834-39573 downside move.

In addition, RSI indicator is also in progress to breakout the 50 level.

A next H4 closing level above 44’200 would be the first warning signal, calling for further
upside !

Triangle breakout, on one or on the other side, would imply, a move of 5’586 points, targeting respectively
49’786 (psychological 50’000 level) on the upside and 36440 on the downside (roughly the weekly clouds bottom level

So, watch carefully price action over the coming hours, in looking at the shorter time frames in order to detect early signal (s) whichwould validate or invalidate the potential triangle breakout above mentioned.

On the downside, a sustainable move below 43’500 (see H1 chart) should also be seen as the first warning signal for further downside, targeting42’600 ahead of 41’950, currently the level of the triangle support trend line .

CONCLUSION :

WATCH THE CLOUDS !

Have a nice day

All the best and take care

Ironman8848

Disclaimer :

All views expressed on my analysis are my own and do not represent the opinions of any entity, whatsoever with which I have been, I am now or I will be affiliated with. Any action you take upon the information on those analysis is strictly at your own risk and should not be considered as an advisory. The author assumes no responsibility or liability for any errors or omissions in the content of his analysis. The information contained is provided on an «as is» basis, with no guarantees of completeness, accuracy, usefulness or timeliness and without any warranties of any kind whatsoever, express or implied. 

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