Bitcoin: Breakout incoming, here are the zones I'm looking at.
I'll keep this short.
1) Bitcoin is forming a Symmetric triangle pattern on the 4H timeframe
2) Volatility is at a low level (indicating a big move incoming)
3) There is indecision in the markets
4) Possibility of going either side.
5) a) If long: Set a stop at 10352
b) If short: Set a stop at 11016.
The faint yellow zone is the multi month demand zone and it looks like an attractive buying opportunity (somewhere sround $9k)
The yellow zone above is the shorter timeframe supply zone.
Play accordingly.
Happy trading :)
1) Bitcoin is forming a Symmetric triangle pattern on the 4H timeframe
2) Volatility is at a low level (indicating a big move incoming)
3) There is indecision in the markets
4) Possibility of going either side.
5) a) If long: Set a stop at 10352
b) If short: Set a stop at 11016.
The faint yellow zone is the multi month demand zone and it looks like an attractive buying opportunity (somewhere sround $9k)
The yellow zone above is the shorter timeframe supply zone.
Play accordingly.
Happy trading :)