BTCUSD, breakout and reached target I

BITFINEX:BTCUSD   Bitcoin / U.S. Dollar

BTCUSD formed a triangle, breaking below and retesting the edge of it nicely on the 2 hour time-frame. From there on it has reached the first targets where we have seen a period of profit taking at half way to the first target zone in the form of buy orders being executed.

Since we have approached the first bigger scale target traders are likely to take profit here, forming a bullish chart pattern on the lower time-frame around this level.

Have an eye on those lines in conjunction with different time-frames. A reversal pattern as well as continuation patterns are likely to be formed around these levels.

Thanks for reading


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Does that means that the btc will go back to his previous down prices ? And it will probably take the same time he took to pump again ?
+1 Reply
heish Crypt0_M1nd
@Crypt0_M1nd, the monthly trendline has been broken ( an been retested), indicating that there is a downtrend following up. I have given the targets in my post and where the price will go afterwards remains to be seen.
Good analysis my friend.
heish Bullandbeartrading
@Bullandbeartrading, thanks mate. Your point of view made me look into my chart again. Therefore thank you too.
Well done! Keep up the good work for the tradingview community!
heish TradingShot
@TradingShot, thanks, it is highly appreciated.
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