Trading Analysis

BTC/USD – Critical Levels to Look For Sell Position

October 24, 2019 | 7:34 am | The 5%ers' Blog > Trading Analysis
October 24, 2019 | 7:34 am
The 5%ers' Blog > Trading Analysis
btc/usd

Price Action Analysis With Descending Triangle Pattern

23/10/2019

As we can see on the D1 time frame chart, BTC/USD price is in bearish momentum.

Three weeks ago the price broke out a descending triangle toward down while creating a fresh supply above.

This descending triangle has created and lasts for almost three months.

Below us, there is a support zone that holding the price for the past three weeks.

For now, I preferred to stay focus on looking for a sell position and there are two scenarios for this:

1 – If the price will breakout the support zone toward down it indicates the price most likely on its way to reaching the demand at the bottom.

In that case, I’ll look for a price action setup to sell BTC/USD.

The target for this sell position will be the demand at the bottom.

2 – If the price moves up toward the fresh supply above.

In that case, I’ll sell BTC/USD on the first touch of the price with the demand at the bottom as a final target.

BTW – the demand at the bottom is a great fresh demand for long terms buy position.

 

 

 

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