We might get some trading opportunities because the Bitcoin price has reached the tip of the Triangle. Triangle breakouts have been pretty successful and hopefully, this time it is not an exception.
Luckily this is not just a triangle. Those two , red and green, are also short- and mid-term counter-trendlines (CTL) which have guided us into the good trades.
The green/bullish scenario.
Firstly, it should get confirmed after a 4H candle close around $7,500. Then we have:
1. A breakout from the chart pattern called Triangle. Triangle is a chart pattern where the breakout direction should guide you into the trade when everything is in order as they should be at the moment, breakout and the following movement should get confirmed after the candle close above of it!
2. A breakout above the short-term counter-trendline (CTL). Since 25. Nov. bottom, the price has made steady climbs upwards. Since 29. Nov. the price has moved slightly downwards and this movement formed a CTL, if it breaks then the steady grind upwards may continue inside the .
If the price breaks above the green then, as said, there is a high chance that it will move upwards inside the . There are some obstacles (different timeframe EMAs and etc.) which may start to work against us, so that's why wait for a throwback to get better entry after the breakout. The first target should stay slightly below 8k and the second slightly below 8,4k.
The red/bearish scenario.
Firstly, it should get confirmed after a 4H candle close around $7,110. Then we have:
1. A new short-term lower low.
2. A breakout from the Triangle into the mid-, long-term direction!
3. A break below the red CTL. As said, the mid-, long term movement has been downwards and this bounce from 25. Nov. and pump at 4. Dec. has formed a counter-trendline and if it breaks then it may give us a pretty good signal for a further price decrease.
4. Soon we might get a pretty ugly Death Cross between Daily EMA100&200. Last time we got this in June 2018 and we all know where it reached from there (price vise: from $7,600 to ~$3,000). Now, the crossings start to form exactly around the same price level: 2018 June Death Cross formed around $8,600 and the current Death Cross starts to form ~$8,400 - scary similarity.
5. If you remember my previous idea post, then the tendency supports downwards breakout.
If the price breaks outside of the triangle and below the red counter-trendline then there are also some obstacles that may start to work against us (Weekly EMA100 and etc.) so that's why wait for a little pullback after the breakout to get a better entry. The first target should stay around $6,700 and the last 6k...5k..4k
Do your own research and please, take a second and support my effort by hitting the "LIKE" button, it is my only FEE from You!
BTC dumping run is just about to start, moon-ers still dreaming btc will go up to 50k or 100k, that's just a dream that the sharks made to trap moon-ers give them money xD