2021/09/09 07:59 AM – H4 – TRIANGLE IN PROGRESS – IMPLICATIONS +/- 3200 PTS !

BTC – H4 – TRIANGLE IN PROGRESS – IMPLICATIONS +/- 3200 PTS ! by Ironman_8848 on TradingView.com

Good morning to all of you. Hope you are well today ?
We are looking at the 4 hours chart where you can see a triangle formation in progress.


Breakout levels to watch are the following :

46580 on the upside
45783 on the downside


Breakout (confirmed) implications should trigger a +/- move of 3’200 points targeting respectively
49’780 on the upside and 42’580 on the downside.


BTC is currently traded above Tenkan-Sen @ 45’911 but still below Kijun-Sen @ 47928 and Mid Bollinger Band @ 48’803, the latter level being also, by the way the bottom of the H4 clouds resistance area !


On the downside, a failure to hold inside of the triangle would trigger a downside acceleration move as you can see there is no really important and significant support to the South and a sustainable move below Tenkan-Sen would be the first signal for further downside continuation.


As already mentioned several times, look carefully to the shorter time frames, starting from M5 to H1 to detect early signal of validation or invalidation, which will help you to act accordingly.


CONCLUSION :
A constructive move above 46’900 would neutralise the ongoing sideways price action and open the door for 47’928 while on the downside a failure to hold above
45’911 would then clear the way for further downside towards 45’500-45’000


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Have a great day.
Take care and all the best.


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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