BTC had a bullish break out of a bearish right angled triangle a few days ago. Now it is showing accumulation, on a smaller timeframe, against a minor resistance standing in its way from the next target. The accumulation is well shown by the 1h graph:
The stoploss is placed below the low of the accumulation phase as below that we believe that we could head to 42k should we invalidate this pattern.
The third target is the 0.618 golden retracement from the bull market high to the bear market low. Good luck!
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We got stopped out unfortunately. We will reassess in the next few days, above 42k we remain bullish.
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Already sprung back above the level. Keep a look out for 43300, if we backtest it as support then we are in the range again
Excellent breakdown. I’m also watching the 618, once btc hits it where do you think we’ll pullback too. There’s a big futures gap around 21k. Hard to say well far back that far before the halving but maybe. Big money will want to buy as low as possible
SynergyTradingSetups
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@EightDegreesGemini thank you for the comment! Yeah hard to say. I’m not even sure we’ll pull back straight away, we could go to 50-52k or not even ever break out of this 44k area haha. If we were to pull back from here or 48k I’d be watching the 35k level first, we had massive amounts of vertical accumulation there and I’d whoever was accumulating there won’t want to let the price fall below… below 35k we’d look for 31k. I am doubtful we will see 21k any time soon as there are so many levels in between where demand will be strong.