BTCD 1D in Ascending triangle @ RESIST - Time to break out??
Taking a macro look, we can see that Bitcoin Dominance has been ranging within an ascending triangle- a bullish pattern. It's been rejected by the current level twice before, but is third time the charm? The huge volume behind the recent move suggests it might be... It also recently broke out and then retested the top of the previous descending channel which started forming back in September, another bullish sign.
However, being at historical resistance & the top of the recent rising broadening wedge, I wouldn't be surprised by a retrace towards the bottom of the pattern before another attempt to break out-- there's definitely still room within the pattern for this idea to play out.
dotted lines show previous support & resistance.
Happy trades,
CD
However, being at historical resistance & the top of the recent rising broadening wedge, I wouldn't be surprised by a retrace towards the bottom of the pattern before another attempt to break out-- there's definitely still room within the pattern for this idea to play out.
dotted lines show previous support & resistance.
Happy trades,
CD