1H triangle breakout targets

2022年2月9日

In this analysis i chose to check the smaller timeframes first with a glimpse on the daily chart.

1Hr chart (main chart up top) is in a triangle, that is clear, with the price action inside the cumo cloud and rejecting the top and low side of the triangle formation perfectly.
If we were to project the height of the triangle to the top and bottom sides of the triangle and considering that we exit triangles at around 80% formation length we would have legit targets on both sides.

- On the upside we would be close to 1.27 Fib. , also a previous resistance zone with medium interraction
- On the low side , 0.78 Fib, and consolidation area for the previous step.

Other Timeframes:

-15m chart(bottom left) also in a triangle with a flat head. The last 11 candles are indeed locally bearish but we did plot a higher high just before. While looking on the 15m chart we can also note that the RSI is losing steam and is trying to stabilize in an average zone.

-Daily chart (bottom mid chart) - shows that BTC is clearly forming doji candles inside the resistance area , this chart is bearish until we confirm the resistance flip to support.

-Wave chart(bottom right 1d timeframe) - Waves are positive and still opened but the way that the fast Wavetrend channel reacts to the slow one lets us think that they might converge and therefore plot a sell signal. Furthermore , even if the moneyflow is close to 0 , the direction is not pointing straight up.