Bitcoin in the recent days and weeks has formed a Ascending triangle.This has been after the recent double bottom we say a few days ago. This is bullish because Bitcoin has maintained its upwards trend. Bitcoin will likely find the top of the triangle as immediate resistance. Get ready guys because The target for this breakout is about 11.6k which gives a nice risk to reward ratio.
The volume has been declining as evident by the volume indicator. This is significant because when volume decreases, it means that there will soon be a breakout with massive volume spikes relative to the rest.
Bitcoin has held it's macro upwards trend by closing above the daily EMA Ribbon. As indicated by previous moves, when Bitcoin closes below the EMA ribbon, it usually indicates the ending of the daily trend. Remember guys " The trend is your friend to the end". Shorting before Bitcoin breaks out of this zone maybe detrimental because the trend is still intact.
If Bitcoin breaks out of the ascending triangle, then the next biggest resistance is the 10.6-10.8k level [Indicated by the yellow zone]. Keeping in mind that there is a CME gap at 11.8k, it makes it more likely that Bitcoin will come up to fill this level since most CME gaps in the daily time frame get filled. For more tutorials you can go to https:cryptoatlas.net ! Good luck guys!
Great idea there are a couple gaps a little bit lower as well.
The only thing I would say is that the ascending triangle that you see, can also be interpenetrated as an ascending wedge.
Which is not so bullish.
Check out my idea and stay safe :)
There are also many resistances in our path to breakout .. but we both know BTC is capable of massive green candles coming out of nowhere.
The only thing I would say is that the ascending triangle that you see, can also be interpenetrated as an ascending wedge.
Which is not so bullish.
Check out my idea and stay safe :)
There are also many resistances in our path to breakout .. but we both know BTC is capable of massive green candles coming out of nowhere.