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OMGUSD
Hi guys
As you see, the price compressed in the Flat Bottom Triangle (Descending Triangle) pattern and we know the descending triangle is a bearish formation that usually forms during a downtrend as a continuation pattern. There are instances when descending triangles form as reversal patterns at the end of an uptrend, but they are typically continuation patterns. Regardless of where they form, descending triangles are bearish patterns that indicate distribution.
We have very strong levels at 15.85 & 15.62 $ that candles couldn't break those and price must be return under 15.62 $.
If candles break the Bottom of pattern i go for buy position.
As you see, the price compressed in the Flat Bottom Triangle (Descending Triangle) pattern and we know the descending triangle is a bearish formation that usually forms during a downtrend as a continuation pattern. There are instances when descending triangles form as reversal patterns at the end of an uptrend, but they are typically continuation patterns. Regardless of where they form, descending triangles are bearish patterns that indicate distribution.
We have very strong levels at 15.85 & 15.62 $ that candles couldn't break those and price must be return under 15.62 $.
If candles break the Bottom of pattern i go for buy position.
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