BTC - Medium Term Setup

BINANCE:BTCUSDT   Bitcoin / TetherUS
We are looking at an interesting triangular formation in BTCUSDT (DAILY) with support line validating back to May '19.
Below are some interesting observations that we'd like to share with our followers:

- Dual support coming in from 100EMA (Daily) and a validated up-trending line.
- Price consolidating in the Triangle means BTC could possibly be targeting ~14,500 - ~ 15,000 range - but we are yet to see a breakout in this case.
- Emergence of a tentative positive divergence between RSI and Price on 240m chart

Considering the mentioned factors, we believe traders can capitalize on the triangle formation, as long as the range is not too narrow. Breakout buyers can wait for a proper confirmation before going long.
Exact levels on the chart.

*This trade is live for Ritoku followers*
Comment: Support held so far. Hoping for the best :)
Comment: We are up ~10% from support zone. Day close above $11,000 is likely to clear the path towards $11,600. Happy trading!
Comment: We advise trailing the stop for half of the position slightly below 10349.
Comment: Position that was trail-stopped in profit (10,349) can now be rebought as BTC trades in the support zone. Closing based stop below 100ema (Daily)
Feel free to get in touch with us:
Ritoku Trading System by Bitbloxx (Discord):

Happy Trading!
Team Bitbloxx


Nice chart!

Please take a look and support our thoughts also!

+1 Reply
Why is your bottom trendline starting from May lows and not April lows?
+1 Reply
Bitbloxx lavonmilner
@lavonmilner, Because that is where we see the trend. We'd love to see your chart as well :)
lavonmilner Bitbloxx
@Bitbloxx, Please go to my page I recently published a chart! Love to hear your feedback!
Bitbloxx lavonmilner
@lavonmilner, Sure :)
I to think this is a good time to buy especially if price falls bellow green support line. Check out my analysis and let me know what you think.

+1 Reply
I actually think we are going down. The demand for bitcoin is falling currently. Check out why in Part 1 and Part 2 of my analysis:

+1 Reply
thank you for your work
I really like it
what can you say about my chart
+1 Reply
Bitbloxx CryptoBullet
@CryptoBullet, Difference of opinion is what makes the market interesting ;)

We certainly like your thought process.
Home Stock Screener Forex Screener Crypto Screener Economic Calendar About Chart Features Pricing Refer a friend House Rules Help Center Website & Broker Solutions Widgets Charting Solutions Lightweight Charting Library Blog & News Twitter
Profile Profile Settings Account and Billing Referred friends Coins My Support Tickets Help Center Private Messages Chat Sign Out