TiborVrbovsky

Bitcoin's Ascending Triangle is getting very tight!

BITFINEX:BTCUSD   Bitcoin / U.S. Dollar
Hey, I am back with another Bitcoin Idea.

Bitcoin has succesfuly broken the 6500-6550 strong ressistance area by finding support on it after 6800 got denied by forming double top in a bear flag, so now this area can be consider as strong support area.

Bassicaly I believe everyone that follows me already know that when ressistance level is broken, it will act as support later on.

I am not fan of reading too much text in TA's so I believe you dont, even though I like to write a lot in my TA's, lets keep this one straight to the point.

So Bitcoin has drawn a pretty Ascending Triangle , which is formed by an uptrend which act as moving support level , and finding one ressistance level which it test few times, after test finding support on uprend, Ascending triangle simply explained.

Currently is this Triangle pretty tight, waiting for some move, most likely to test 6800, as its not really a significant one, only 1 day big.

Take as example NANO with his recent 7 day ascending triangle that made over 85%, I made only 35% on this trade, but I took it gladly as greediness wipes lot of traders accounts, the best thing to do is have own strategy and keep it up under any conditions.

Last thing what I want to talk about is RSI , as it also is uptrending and found twice the same ressistance (notice how the ressistance represent both time the 6720 level) and its suggesting that Ascending Triangle is in play.

So I think thats about it.. If you have any Questions feel free to ask me down bellow or at my Discord channel, you can also find there Trading patterns, my trades enters and my targets, advices, or you can ask me for a TA on demand without any fee! Invitational link is in mine description!

Hope I made your view on whats going on with Bitcoin somewhat clearer, if I see something worth to share on the chart, I will surely do an Update.

If you like this Technical Analysis let me know by hitting that agree button, I really do appreciate every oneas it motivates by spending more time on TA´s, Thanks !

Comment: https://www.tradingview.com/x/nDMYYcTf//... A closer 15 min look, fast test of 6770, denied but found some decent support at 6700, RSI in good level, macd neutral, possible test of 40 rsi with 6690 level, from there it would be ideal for bitcoin to come at least to 6720 for macd uptrend confirmation.
Comment: link didnt worked, sorry.
Comment: On 5 min, you can see there is a lot of pressure on 6700, slowly wiping support buy orders, rsi founding support at 40 which is a good sign, macd also expected to turn up as its oversold and we have demand, that would lead 15 min macd to confirm the uprend.
Comment: Very strong pressure on 6700.
Comment: 6700 held pretty great, good support was seen, 15 min macd about to give buy signal.
Comment: Hourly macd done a nice slide, it was on a edge looking like a it will cross and give sell signal, but 6700 held and its still on buy signal.
Comment: 2H looking even better, as this means kind of longer term Bitcoin sideways rise, also this is likely to set 4h to give buy signal in high zone.
Comment: Last time btc found ressistance here 6745-6750 area, lets see what happens this time.
Comment: Looks like another Double top.
Comment: Lets see if 15min rsi can find support at 60 level.
Comment: two most likely paths, the lower one can bounce of 6720 with lower shadow.
Comment: Basically just testing Uptrend.
Comment: Headed to bed, I prepared some Educational material for tommorow.

And about Bitcoin, simple.

Just keep on watching ascending support and ascending ressistance level, if any of them gets broken, it suggest heavier price action in the way channel got broken.

For example breaking ascending support level would mean breakdown if strong demand isnt seen immediately, Night!
Trade closed: target reached: Forgot to say that ascending triangle has succesfuly broken out, see you in another TA!

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