11 November 2018

Another triangle of BTC

Look at the daily chart of BTC and you will see that the breakthrough of a large symmetrical triangle did not lead the market to an increase in real volatility. Instead of the chart rushed to another triangle formation. In our graph, It is shown in blue lines in our graph. BTC is almost on the edge of this triangle, so there is a probability of its breaking through in November.

Let us try to determine the most probable movement of the main cryptocurrency and behind it the movement of the entire cryptocurrency market. The StochRSI indicator shows an oversold asset on the daily chart, AO is close to zero. This is the beginning of bullish signals. However, moving averages suggest that there is a greater likelihood of a downward direction of the market or a continuation of a sideways trend. This does not mean that the bears will again sell the price lower, the support lines have shown their reliability. Therefore, we believe that waiting for a breakout of confirmation lines will be the optimal trading strategy in such an uncertain market. If you break up, you can try to get into a long position with a short stop-loss, but if you break down you can open a short position.

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