smartcoins
Long

Bitcoin triangle breakout. Next target 17189 USDT?

BINANCE:BTCUSDT   Bitcoin / TetherUS
We can observe a breakout on the 2nd of January form a descending triangle (even tough this pattern is usually a bearish sign). We expect an move upwards matching the height of the triangle.

At the moment the price moves in a falling wedge , due to the preceding uptrend we can interprete this as a bullish sign. This is confirmed by stoch also being in the bullish area. We expect a breakout from the wedge . Fib may give resistance to a coming up-move of the price making it bounce back to the bottom of the channel.

In that case a new ascending triangle would be formed, again a bullish pattern . We consider a breakout to happen, causing a price move that could probably reach the red resistance line

Accum/dist is following the uptrend showing no selling pressure.

A buy order could be placed above the ascending wedge .
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