1. The price is above the major counter trendline, this dotted line from the top. Counter trendline breakouts into the bigger trend direction have played out pretty nicely so, let's see!
2. The BTC price is above the counter trendline which is an indication that the short-term downwards movements can turn into . Just some minutes ago we got a breakout from the triangle:
It is a breakout but that's not all...
3. The Bitcoin price made a breakout above the bigger triangle:
4. This bigger triangle upper trendline is also an important line from another chart pattern called Inverted Head & Shoulders:
5. On 1H we have Golden Cross which will be a that the price can climb higher.
SUMMARY: The BTC price trades above the major counter trendline, it has made on 1-hour timeframe breakout from the three chart patterns - from the smaller triangle, from the bigger triangle and from Inverted . The price structure and overall view on the chart are supporting that move upwards. It can possibly reach as high as $13,000.
If 4H gets a close above those patterns then it is a pretty clean breakout, haven't seen it for a while so, it would be pretty interesting to watch - do this works or not. As said, the more secure breakout would be a 4H candle close above prementioned chart patterns and if it gets a close above the $12,000 then it would be even better. Then we should get also a new short-term higher high and the road is fully open into the $13,000!
Do your own research and if this matching with one of my three options then you are ready to go!
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- we got a 4H candle close above those patterns and the breakout was fully confirmed
- A little throwback and now we are above the key level $12,000. Short-term market structure has changed and the price have made a new higher high.
So, everything looks correct and technically the mentioned 13k could be doable!
Still, everything goes as planned! The perfect(!) short-term target area should stay between $13,100-500 but remember - always be less greedy than others!
It could be a possible reversal area, more about it on the nexts idea posts!
It could be a possible reversal area.”
Looks like it was a reversal area:
See you soon,