VincentBoudewijn
Long

Ascending Triangle forming on BTC. Possible move up soon.

BITFINEX:BTCUSD   Bitcoin / U.S. Dollar
Hello everyone,

A quick update on Bitcoin . It is finally giving us a pattern that we can properly trade.

Looking at the 4HR chart we can see that Bitcoin is forming an ascending triangle. An ascending triangle is a bullish pattern and therefore a break to the upside is likely.
I've added levels on going long and short. This way you can trade the pattern both ways.

Greetings and goodluck,
VIncent
Comment: If you like to receive crypto updates and thoughts I post cool stuff on my telegram channel now and then.
https://t.me/SuperCryptoVince
Errr that’s a bearish pattern not a bullish one
+7 Reply
Xzhi boleroking
@boleroking, its a bullish pattern.
Reply
@Xzhi, If you think so i'd stop trading lol
Reply
Xzhi boleroking
@boleroking, depends, but a rising support is bullish. I do think so and i have traded this pattern successfully.
Reply
Hi Vincent, thank you for post, as this ascending triangle setup originated from a downtrend we can not assume it as a bullish pattern, normally they are valid in an uptrend base. So it is possible but not so likely. Further to this the sentiment seems not in support of upward move "at this time", I think one more time we may retest below support uptrend 6900 before a reversal. Plz check my post below:
+1 Reply
@kaskassa, For sureI agree by no means its a guaranteed breakout to the upside. It is why I added the stoploss area.
Reply
An ascending triangle is just a pattern... not a bullish one, one has to draw the market's meta and other TA data into consideration to guess it's breakout direction.
http://thepatternsite.com/at.html -> Site looks ugly, it's data and info isn't.
https://www.tothetick.com/archives/2545 -> bearish asc delta

regards
+1 Reply
Keep the updates coming Vin, also in your Telegram channel.
+1 Reply
@appileh, thanks man glad you like it :)
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Or a H&S?
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