Im issuing a warning here, I don't see BTC pumping that easily from this triangle. Funding rates are getting crazy when we get to resistance and we won't pump if there are too many leveraged longs. Therefore I see 2 possible scenarios from here:
1) We fake break up and drop to the 4h triangle support at least
2) We slowly drop down from the triangle
If we get the second scenario I'll definitely get In a short position. When a bullish pattern breaks down we have a high chance of getting a continuation dump after that. It is because a lot of people are positioning themselves on the long side here thinking we get a continuation pump because of the bullish triangle. Therefore if we break down, a lot of longs will be underwater which will give us a lot of selling force.
This principle holds true for a bearish pattern which breaks up, ie, continuation of the up trend is likely
I wanted to thank you all for the awesome feedbacks on the BLACK FLAMINGO indicators! It's such a nice reward to see that you guys are winning scalps with it!
Just comment your Tradingview username and I will invite you!
GLHF!
1) We fake break up and drop to the 4h triangle support at least
2) We slowly drop down from the triangle
If we get the second scenario I'll definitely get In a short position. When a bullish pattern breaks down we have a high chance of getting a continuation dump after that. It is because a lot of people are positioning themselves on the long side here thinking we get a continuation pump because of the bullish triangle. Therefore if we break down, a lot of longs will be underwater which will give us a lot of selling force.
This principle holds true for a bearish pattern which breaks up, ie, continuation of the up trend is likely
I wanted to thank you all for the awesome feedbacks on the BLACK FLAMINGO indicators! It's such a nice reward to see that you guys are winning scalps with it!
Just comment your Tradingview username and I will invite you!
GLHF!
