BULLISH CONTINUATION (THE ASCENDING TRIANGLE CHART PATTERN)
On the daily time frame, the price of BTCUSD has continued to hold on it's uptrend and it's ticking breakout.
The ascending triangle is a mediocre performer despite its reputation as a reliable chart pattern.
Price trend can be any direction leading to the chart pattern.
The shape triangular. Prices move between two converging trendlines. Two trendlines bound prices; the top trendline is horizontal and the bottom one slopes upward.
Price must cross the pattern from side to side, filling the triangle with price movement, not white space.
Price must touch one trendline at least three times, the other at least twice, forming distinct valleys and peaks.
Volume trends downward 80% of the time.
Breakout upward 63% of the time and 62% of the way to the triangle apex (upward breakouts).
More to this is the KIJUN BULLISH ANGULATION(shown on the chart), this happens when price continues to hold on to its level of support and resistance level. KIJUN will move up showing that the price levels are strongly respected. The rejection wicks shows price breakout rejected.
We advice all traders to wait for valid breakout before taking a LONG POSITION.
LONG:
Buy:$5400
Sell:$5871 up to $6516
Stop loss:$4960
Risk Disclaimer:
Trading cryptocurrency on margin carries a high level of risk(volatile), and may not be suitable for all trades who are yet to understand how to use STOP LOSS. The high degree of leverage can work against you as well as for you.
It is your responsibility to confirm if you want to take this trade or not. Trade only with risk capital; that is, trade with money that, if lost, will not adversely impact your lifestyle and your ability to meet your financial obligations.
If you do not fully understand these risks you must seek independent advice from your financial advisor.
On the daily time frame, the price of BTCUSD has continued to hold on it's uptrend and it's ticking breakout.
The ascending triangle is a mediocre performer despite its reputation as a reliable chart pattern.
Price trend can be any direction leading to the chart pattern.
The shape triangular. Prices move between two converging trendlines. Two trendlines bound prices; the top trendline is horizontal and the bottom one slopes upward.
Price must cross the pattern from side to side, filling the triangle with price movement, not white space.
Price must touch one trendline at least three times, the other at least twice, forming distinct valleys and peaks.
Volume trends downward 80% of the time.
Breakout upward 63% of the time and 62% of the way to the triangle apex (upward breakouts).
More to this is the KIJUN BULLISH ANGULATION(shown on the chart), this happens when price continues to hold on to its level of support and resistance level. KIJUN will move up showing that the price levels are strongly respected. The rejection wicks shows price breakout rejected.
We advice all traders to wait for valid breakout before taking a LONG POSITION.
LONG:
Buy:$5400
Sell:$5871 up to $6516
Stop loss:$4960
Risk Disclaimer:
Trading cryptocurrency on margin carries a high level of risk(volatile), and may not be suitable for all trades who are yet to understand how to use STOP LOSS. The high degree of leverage can work against you as well as for you.
It is your responsibility to confirm if you want to take this trade or not. Trade only with risk capital; that is, trade with money that, if lost, will not adversely impact your lifestyle and your ability to meet your financial obligations.
If you do not fully understand these risks you must seek independent advice from your financial advisor.