While Bitcoin is still stuck in the symmetrical triangle on the higher timeframes, it just broke out of a W-bottom pattern on the 1H timeframe. The neckline of the pattern was around 36.5K and price broke above it with strong volume. Adding confirmation to this pattern is the fact that this pattern formed on the symmetrical triangle lower trendline, which is where which is a support area. The one thing that does worry me is that price didnt break above the 200MAs, but is instead stuck between the 200EMA and the 200SMA. I prefer to trade when price is above or below both of the 200MAs for a clearer and stronger trend and momentum. That said, a potential trade here would be to enter long and target the top of the triangle at 38-38.5K with a stop loss below the most recent swing low of around 35K.
As always, I’m not a financial advisor, do your own research, and stay safe!
As always, I’m not a financial advisor, do your own research, and stay safe!
