A Channel formed, but its also part of a BIG ascending triangle.
After yesterdays ema9/sma20 crossing I was expecting a huge dump. Instead, BTC found a new diagonal support and formed a channel (as indicated by the orange dotted lines). At the same time, that line helped build an ascending triangle which, being a bilateral pattern, could resolve either way.
I am still holding my short since I consider my entry to be good and the evidence stacs up, in my opinion, against the triangle resolving up: ema9/sma20 crossing, failure to break 6650, failure yesterday to reach that high again, failure this morning to break an admittedly very steep rising wedge on the 30m timeframe which ended in a very quick retrace to last nights prices.
Target is still 5850, with a take profit on 6120, and should resolve soon.
I am still holding my short since I consider my entry to be good and the evidence stacs up, in my opinion, against the triangle resolving up: ema9/sma20 crossing, failure to break 6650, failure yesterday to reach that high again, failure this morning to break an admittedly very steep rising wedge on the 30m timeframe which ended in a very quick retrace to last nights prices.
Target is still 5850, with a take profit on 6120, and should resolve soon.
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