Bitcoin - ASCENDING TRIANGLE, HOLDING SUPPORT! What's Next?
Happy Money Monday, Traders!
Hope you find value from this post.
If you did, please like and consider following.
Here's a trading idea.
But firstly...
==============================
Quick Disclaimer:
Trade at your own risk. This post/chart is for your reference only, it is not intended as a recommendation, nor is it an advice to sell nor buy this crypto asset, nor to place any trade.
Trading poses a risk of losing some or all of your money and it will be your responsibility if you lose money.
==============================
Bitcoin held its position inside the ascending triangle as it found support at the green ascending channel (multiple support area).
What to watch out for?
Watch that green ascending channel. A break to the downside could bring price back down to $33K.
If support continues to hold, the 50D MA and the descending dashed red extended resistance trend line is the next hurdle.
If Bitcoin slices through both its 50D MA and the descending dashed red extended resistance trend line, then Bitcoin will re-visit the Blue Horizontal Resistance Bar above.
If the Bull have accumulated enough energy, then they could finally break out of this ascending triangle. A break out to the upside from this ascending triangle could push price up to the first immediate destination @ $46.7K (38.2% FIb)
Further push upwards could bring Bitcoin towards the 50% Fib above at $50.9K, then eventually to the Golden Ration at 61.8% Fib @ $55.2K.
Bitcoin's first order of business this day and towards the whole week is to get above its 50D MA, stay above it.
MACD has an unfulfilled Bullish Divergence .
Stoch RSI (1Wk TF): Huge upside potential!
Always remember to place your Stop Loss.
Price action is KING!
Patience and Discipline are KEYS to a successful trade.
Trading is both a Science and an Art.
Develop an intuition and listen to your instinct while following the rules putting emotions aside.
If you have not yet developed it, you will develop this as long as you stay consistent with following
the rules. The skills will become second nature to you much like how you acquire the skill in riding a bicycle.
Soon it will be your subconscious running your trades, again, much like when riding a bicycle
the balancing is controlled by the subconscious part of your brain.
Be PERSISTENT and stay PERSISTENT.
Let me know what asset you wish for me to look at and evaluate for potential long set ups and I will post it here on TradingView.
If you found value from this post, consider giving it a like and subscribe. Furthermore, share it with someone you know will benefit from this.
Cheers! and More power to all your trades, my friends!
Ron
Intrepid_Trader
Hope you find value from this post.
If you did, please like and consider following.
Here's a trading idea.
But firstly...
==============================
Quick Disclaimer:
Trade at your own risk. This post/chart is for your reference only, it is not intended as a recommendation, nor is it an advice to sell nor buy this crypto asset, nor to place any trade.
Trading poses a risk of losing some or all of your money and it will be your responsibility if you lose money.
==============================
Bitcoin held its position inside the ascending triangle as it found support at the green ascending channel (multiple support area).
What to watch out for?
Watch that green ascending channel. A break to the downside could bring price back down to $33K.
If support continues to hold, the 50D MA and the descending dashed red extended resistance trend line is the next hurdle.
If Bitcoin slices through both its 50D MA and the descending dashed red extended resistance trend line, then Bitcoin will re-visit the Blue Horizontal Resistance Bar above.
If the Bull have accumulated enough energy, then they could finally break out of this ascending triangle. A break out to the upside from this ascending triangle could push price up to the first immediate destination @ $46.7K (38.2% FIb)
Further push upwards could bring Bitcoin towards the 50% Fib above at $50.9K, then eventually to the Golden Ration at 61.8% Fib @ $55.2K.
Bitcoin's first order of business this day and towards the whole week is to get above its 50D MA, stay above it.
MACD has an unfulfilled Bullish Divergence .
Stoch RSI (1Wk TF): Huge upside potential!
Always remember to place your Stop Loss.
Price action is KING!
Patience and Discipline are KEYS to a successful trade.
Trading is both a Science and an Art.
Develop an intuition and listen to your instinct while following the rules putting emotions aside.
If you have not yet developed it, you will develop this as long as you stay consistent with following
the rules. The skills will become second nature to you much like how you acquire the skill in riding a bicycle.
Soon it will be your subconscious running your trades, again, much like when riding a bicycle
the balancing is controlled by the subconscious part of your brain.
Be PERSISTENT and stay PERSISTENT.
Let me know what asset you wish for me to look at and evaluate for potential long set ups and I will post it here on TradingView.
If you found value from this post, consider giving it a like and subscribe. Furthermore, share it with someone you know will benefit from this.
Cheers! and More power to all your trades, my friends!
Ron
Intrepid_Trader
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