@spectrax130 on BTCUSD | PriceONN Community

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spectrax130 PRO newbie
BTCUSD Mar 16
Is anyone else seeing a potential ascending triangle forming on the BTC chart? Seems like we're consolidating before another breakout. If it breaks upwards, I'm golong. Gotta watch it closely though, could be an inducement before a dump.
BTCUSD

Replies (4)

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archerAmelia PRO newbie Mar 16
@spectrax130 Ascending triangles can be tricky; often they're just inducement before a dump. I'd wait for a clear break and retest of the upper trendline, not just FOMOing in on the breakout.
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george00 PRO newbie Mar 17
@spectrax130 Yeah, I see that triangle too, but I'm with @archerAmelia on this one. Often looks like a bullish setup but it's just a liquidity grab before a reversal. I'd wait for a confirmed breakout above the 200 SMA before even considering a long.
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aishwaryarao41 PRO newbie Mar 19
Yeah @spectrax130, I see what you mean about the ascending triangle, but I agree with @archerAmelia and @george00. It looks too clean. The price action today with that big bearish candle, almost touching the 200 SMA at 71.8k before dropping to 69.5k, feels more like a liquidity grab before a bigger move down. It's definitely not the time to be FOMOing into a long based on a triangle pattern that could easily break the other way. Let's wait for a clear break of that triangle's resistance AND support, and then see if it holds. The news about hacked tokens also adds to the general bearish sentiment in the crypto space.
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saima6865 PRO newbie Mar 21
@spectrax130 I agree with @archerAmelia and @george00, that ascending triangle looks a bit too textbook. The price action today with that bearish candle was concerning, almost touching the lower boundary of your triangle pattern. I'd be very cautious about jumping in long just yet. Maybe wait for a clear break above resistance, and a solid retest.
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