Happy Hump Day, Traders!
Hope you find value from this post.
If you did, pls 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. This is only trading opinion.
Trading poses a risk of losing some or all of your money and it will be your responsibility if you lose money.
=============================
BITCOIN continues to trade inside this Ascending Triangle since the weekend and it briefly approached its 21MA and apparently got rejected and is now sitting on its 12MA as of this writing.
As our reference suggests, there's a higher probability of an asset breaking out to the upside with this chart pattern. Refer to notes at the bottom of this post.
So, what's happening next?
A. A breakout to the downside will bring BITCOIN potentially back to $36K down to $35,247 (61.8% Fib), (blue horizontal ray line) is at $34,017, and finally the previous bottom support is at $32,933.
Anthing below final support could bring Bitcoin towards the Blue Horizontal Support Bar (Golden Pocket)
B. A breakout to the upside will bring BITCOIN to a measured move price target of $42,333.
MACD: Bullish Cross with Bullish Divergence.
Stoch RSI (1Wk TF): Oversold Region, it just crossed bullish after last week's close.
Price action is KING!
Always remember to place your Stop Loss.
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.
More power to all your trades, my friends!
Ron
Intrepid_Trader
(Reference: thepatternsite com)
Ascending Triangle: Important Bull Market Results
Overall performance rank for up/down breakouts (1 is best): 16 out of 39/30 out of 36
Break even failure rate for up/down breakouts: 17%/38%
Average rise/decline: 43%/13%
Throwback/pullback rate: 64%/63%
Percentage meeting price target for up/down breakouts: 70%/44%
The above numbers are based on more than 1,400 perfect trades. See the glossary for definitions.
Ascending Triangle: Identification Guidelines
Characteristic Discussion
Price trend Can be any direction leading to the chart pattern.
Shape Triangular. Prices move between two converging trendlines.
Trendlines Two trendlines bound prices; the top trendline is horizontal and the bottom one slopes upward.
Crossing Price must cross the pattern from side to side, filling the triangle with price movement, not white space.
Touches Price must touch one trendline at least three times, the other at least twice, forming distinct valleys and peaks.
Volume Trends downward at least 78% of the time.
Breakout Upward 63% of the time and 64% of the way to the triangle apex (for both breakout directions).
Hope you find value from this post.
If you did, pls 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. This is only trading opinion.
Trading poses a risk of losing some or all of your money and it will be your responsibility if you lose money.
=============================
BITCOIN continues to trade inside this Ascending Triangle since the weekend and it briefly approached its 21MA and apparently got rejected and is now sitting on its 12MA as of this writing.
As our reference suggests, there's a higher probability of an asset breaking out to the upside with this chart pattern. Refer to notes at the bottom of this post.
So, what's happening next?
A. A breakout to the downside will bring BITCOIN potentially back to $36K down to $35,247 (61.8% Fib), (blue horizontal ray line) is at $34,017, and finally the previous bottom support is at $32,933.
Anthing below final support could bring Bitcoin towards the Blue Horizontal Support Bar (Golden Pocket)
B. A breakout to the upside will bring BITCOIN to a measured move price target of $42,333.
MACD: Bullish Cross with Bullish Divergence.
Stoch RSI (1Wk TF): Oversold Region, it just crossed bullish after last week's close.
Price action is KING!
Always remember to place your Stop Loss.
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.
More power to all your trades, my friends!
Ron
Intrepid_Trader
(Reference: thepatternsite com)
Ascending Triangle: Important Bull Market Results
Overall performance rank for up/down breakouts (1 is best): 16 out of 39/30 out of 36
Break even failure rate for up/down breakouts: 17%/38%
Average rise/decline: 43%/13%
Throwback/pullback rate: 64%/63%
Percentage meeting price target for up/down breakouts: 70%/44%
The above numbers are based on more than 1,400 perfect trades. See the glossary for definitions.
Ascending Triangle: Identification Guidelines
Characteristic Discussion
Price trend Can be any direction leading to the chart pattern.
Shape Triangular. Prices move between two converging trendlines.
Trendlines Two trendlines bound prices; the top trendline is horizontal and the bottom one slopes upward.
Crossing Price must cross the pattern from side to side, filling the triangle with price movement, not white space.
Touches Price must touch one trendline at least three times, the other at least twice, forming distinct valleys and peaks.
Volume Trends downward at least 78% of the time.
Breakout Upward 63% of the time and 64% of the way to the triangle apex (for both breakout directions).