Week starting 18th of August 2019 the price of BTCUSD is currently showing a price reversal back to the upside after testing the near support level.
The previous analysis published on the 13th of August 2019, where we advised all traders to open a short position on their trades, which we assume everyone made cool profit from(www.tradingview.com/...-LOOKOUT-13-08-2019/).
On the 2hours time frame, the price of BTCUSD has been spotted forming a bullish chart pattern called THE ASCENDING TRIANGLE CHART PATTERN.
When price continues to hug the resistance/support level, it has high probability to break through it. Price is currently hugging the Horizontal resistance line with the 4th test of it(shown in green boxes). We look for more upside then the downside as we patiently wait for price to breakout from that resistance which will give us a strong signal to open a long position when price breaks that resistance and closes above it.
The BREAKOUT matters a lot. Targets to look out for are as follows $10809.6 up to $11270.5.
NOTE: ALWAYS WAIT FOR THE BREAKOUT
Risk Disclaimer:
Trading cryptocurrency on margin carries a high level of risk(volatile), and may not be suitable for all trades who are yet to understand how to use STOP LOSS. The high degree of leverage can work against you as well as for you.
It is your responsibility to confirm if you want to take this trade or not. Trade only with risk capital; that is, trade with money that, if lost, will not adversely impact your lifestyle and your ability to meet your financial obligations.
If you do not fully understand these risks you must seek independent advice from your financial advisor.
The previous analysis published on the 13th of August 2019, where we advised all traders to open a short position on their trades, which we assume everyone made cool profit from(www.tradingview.com/...-LOOKOUT-13-08-2019/).
On the 2hours time frame, the price of BTCUSD has been spotted forming a bullish chart pattern called THE ASCENDING TRIANGLE CHART PATTERN.
When price continues to hug the resistance/support level, it has high probability to break through it. Price is currently hugging the Horizontal resistance line with the 4th test of it(shown in green boxes). We look for more upside then the downside as we patiently wait for price to breakout from that resistance which will give us a strong signal to open a long position when price breaks that resistance and closes above it.
The BREAKOUT matters a lot. Targets to look out for are as follows $10809.6 up to $11270.5.
NOTE: ALWAYS WAIT FOR THE BREAKOUT
Risk Disclaimer:
Trading cryptocurrency on margin carries a high level of risk(volatile), and may not be suitable for all trades who are yet to understand how to use STOP LOSS. The high degree of leverage can work against you as well as for you.
It is your responsibility to confirm if you want to take this trade or not. Trade only with risk capital; that is, trade with money that, if lost, will not adversely impact your lifestyle and your ability to meet your financial obligations.
If you do not fully understand these risks you must seek independent advice from your financial advisor.