Stellar forming ascending triangle

BITTREX:XLMBTC   Lumen / Bitcoin
My previous post, I mentioned we were in a bullish flag . That doesn't seem to be the case anymore. Our bullish flag has changed to an ascending triangle , which signals potential bearish activity. Therefore, long has changed to short.

I intend on setting stop-losses along the triangle's support line and sliding them up as long as the price does not break the line.
Komen: Apologies. I mentioned this was an ascending triangle. It's a rising wedge, which indicates a reversal. As assumed, we broke the wedge to downside. Also have closed below the 55 EMA, a strong sign we will continue downwards for the time being.

Komen: Consider setting stop loss at 1405 and riding this one down.

RSI has bounced off support three times in a row. This may be the end of this short-lived dip.
Thanks for a great analysis! Please let us know if anything changes here.
As assumed, we broke the triangle to downside. Also have closed below the 55 EMA, a strong sign we will continue downwards for the time being.

An ascending triangle in an uptrend is a continuation bullish pattern, not a bearish signn. Furthermore I don't expect a reversal to happen right now.
spacemonkeey BudySutjijati
@BudySutjijati, I truly wish that were the case. However we have had strong push back since last night (12 hours or so ago,) and all indicators point to bearish activity.
BudySutjijati spacemonkeey
@spacemonkeey, you're right. On the daily chart I can see it's oversold at the moment. Thanks!
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