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Bitcoin is breaking out of this triangle📐 to the upside so there is chance for run to 26600 and even higher. Just bought at 24869. Breaking out to the downside and reaching the Stoploss level would mean invalidation of the pattern.
ENTRY: local high @ 24869
STOPLOSS (SL): local low @ 24539
TARGET: height of the triangle projected from midpoint of the local range (BUY - SL) @ 26600
REWARD RISK RATIO (RRR): 5.2
INVALIDATION: when SL level hit
This thesis is supported by my other BTC analysis - check down below:
Check my other stuff in related ideas.
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Trade closed: stop reached
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Stoploss hit🛑. False breakout. Let's see if we will get bigger triangle later...
I had noticed this potential triangle formation in its infancy. I say potential because in its infancy it wasn't a triangle, I would say around the wave B peak when I mentioned it to a few idea posters on Tradingview. Once it formed fully and broke out, I noticed what appeared to be a 5 wave escalade on an intraday time frame which appears to be a truncated fifth. Then it reversed and broke down with an aggressive downward thrust.
bizmark
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@noble1ones, Thanks for your comment. Let's see what's next. Think this may be just fakeout and we can go higher eventually.