Hey Salman, thank you for the chart, are you thinking here that BCH is about to start climbing again?
Is there a term for those opposing triangles I see and what does that indicate normally, if anything?
salmanijaz
⋅
@Caleb007, Yes i am seeing some momentum here but as the overall market is bearish, we are waiting
The opposing triangle structure is referred as "Pennant" structure
Caleb007
⋅
@salmanijaz, Great thank you, i will go research that term now.
Would you agree that if the price were to break 3048 it would represent a strong buy signal?
Conversely, would a breach of 2383 downwards indicate anything alarming in your opinion, or is that 1789.55 the support line? (if indeed that is anything to with support lines? Lol)
salmanijaz
⋅
@Caleb007, If this structure is valid then the break in up or down direction means bullish or bearish. If we go down to support line then this price structure wont be valid and we have to look for some other price action
Caleb007
⋅
@salmanijaz, Thanks Salman, did I get the support line amounts correct by any chance? :)
I am asking because I read your line about the break in either direction, and wonder about which Fib level % as your marker for this break?
I would have thought i had the answer..but looking at both triangles on the same chart has me a little unsure of which price represents the Support here, is it the 1789 price?
I see that the volume is markedly diminished, which is exactly what the characteristics of a pennant triangle are as per my reading yesterday.
However i didnt find an example like this exactly, with two opposing triangles, why is why I am a little thrown off,
Hope your trades are going well today!
I followed your line of thinking for my CFD platform trades last night, for ETH and BTC very short time, and both were SPOT on! I only missed out on a ripple 500USD windfall because i set the buy option JUST too low to activate it..
GREAT Stuff Man! Really, I appreciate all of the help that guys like me get from You and other contributors, you guys are really keeping us IN the game!
First the opposing triangle thing ... Its not opposing triangles ... its just that i draw the lines so intersect and form opposing triangles. I am only looking at the first one :)
The support line for pennanant will be the lower blue line and it correspond to 0.23 fib level now.
Caleb007
⋅
@salmanijaz, ok thank you. i think i have it now, in which case we are not far off testing the support line?
salmanijaz
⋅
@Caleb007, Yes we are .... Very interesting stuff ...
Seems like buyers are back in crypto ... interesting things will happen soon :)
Caleb007
⋅
@Caleb007, by that I mean we are not far fom testing the 0.23 fib level if i read the chart correctly?
Is there a term for those opposing triangles I see and what does that indicate normally, if anything?