The reason why this broke to the downside is because what you're seeing here is a pennant or a flag, depending on how you look at it (flag pole would be from 42.87 all the way to 35, the pole is a lot more obvious if you look at the 4h chart). Both of those are continuation patterns meaning that if you see one in a downtrend, the bias is towards downside continuation, and if you see it in a bull trend the bias is towards upside continuation. It seems to me that a lot of people in this space think pennants are bullish patterns (and with good reason since you see a lot of pennants during uptrends which break bullish very regularly). However a pennant is a continuation, not a bull pattern, meaning that if you see one in a downtrend, it's a bear pattern, not a bull pattern. You then look for a breakout to the downside and short, not the other way around.
darkandblue
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hey man, would appreciate your feedback on the ETCBTC pair.