capsule91

Bitcoin on Death Row- Downtrend Prevails

capsule91 Pro Updated   
BITFINEX:BTCUSD   Bitcoin / U.S. Dollar
1. Descending triangle in formation
2.Price play at pivot
3.20hr resistance band of kumo cloud will resist uptrend heavily
4.Another touch of the triangle upper trendline expected
5.a volume backed breakout expected
6.this triangle is a continuation pattern so downtrend prevails
7.Downtrend follows the fibonacci where the primary fibo ratio of 0.618 is considered the first big support in the play
8.Or the trend may follow as AB=CD where the pattern completes at the 0.886 support level

Disclaimer.. Not an investment/trading advice..
Comment: bearish bat in 5m in action
Disclaimer

The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.