BTC confirmed a nice break out of ascending triangle which is shown on chart (red lines). The bullish confirmation pushed the price to $8000 region where is the next resistance level on daily chart. We have a lot of movement around her on shorter time frames. Volatility is nice for day traders, but for long term holders it’s important to understand the big picture.
The ascending triangle is a bullish formation that usually forms during an uptrend as a continuation pattern. BTC formed the triangle from the bottom at the beginning of the year. There are instances when ascending triangles form as reversal patterns at the end of a downtrend, but they are typically continuation patterns. In last 5 months the price formed higher lows, higher highs which confirmed the triangle at $5800. Regardless of where they form, ascending triangles are bullish patterns that indicate accumulation.
I’m not on position right now and I’m waiting for a pullback. There will be plenty of opportunity to enter back in the game. I want to see bullish candles on $8000 region before I will make my next move.
Stay safe and count your pips.
The ascending triangle is a bullish formation that usually forms during an uptrend as a continuation pattern. BTC formed the triangle from the bottom at the beginning of the year. There are instances when ascending triangles form as reversal patterns at the end of a downtrend, but they are typically continuation patterns. In last 5 months the price formed higher lows, higher highs which confirmed the triangle at $5800. Regardless of where they form, ascending triangles are bullish patterns that indicate accumulation.
I’m not on position right now and I’m waiting for a pullback. There will be plenty of opportunity to enter back in the game. I want to see bullish candles on $8000 region before I will make my next move.
Stay safe and count your pips.