BTCUSD UPDATE: The chart is showing us The Symmetrical Triangle chart pattern. RSI & MACD are supporting further upward movement in 1h chart by showing positive divergence (continuation). The price is hovering at strong support level formed by MA50 level & support level of 11,261. If the Price can't bounce from this area it is likely continue move further downwards. Buy orders should be set above swing high of 12,300 level and above MA100 level. Stop-loss should be set below strong support area at 9,700 level. MA100 level has acted as a resistance and when breached this is giving us confirmation of further upward movement. Partial Profit Targets at 14,253 & 14900 levels. Main profit targets at 17,000 and 20,000 levels.
TIP: Only trade from the breakouts and confirmed signals. Down below I have listed important things to note about the Symmetrical Triangle.
About the Symmetrical Triangle Pattern: -> 66% of time meets it's up target. -> Known from Traps that occurs after breakouts -> Breakouts tends to be explosive -> At least 2 points are required to form a trend line and 2 trend lines are required to form the symmetrical triangle pattern. -> Volume starts decreasing when extending towards the apex.
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Things to Remember:
Stop-loss orders are strongly recommended.
Beware of buying tops or FOMOS, you might end up losing or waiting long periods of time before getting anything back.
Very Good Drawing. The problem is "professional traders" think market has a pattern all the time, and is a beautiful drawing.
In reality, it's more like water and flows with no prediction. So what we, "simple traders", could do is just try to catch the water movement.
This is why I am creating a hole new way of trading, called : "The Moving Water". So far is working pretty well, but I am trying to improve it as I speak.
Bottom line, we could have a bull trap, but even if it happens, would not go so far, there is no power for that:
- it's China's new year, and people from that part are taking there investments out to pay January bills, and a lot of USA results are coming op (fundamental);
- Big correction is about to happen, as the MA 1000 is squeezed down (3h chart), and price is about to loose MA100 (daily chart). ( Technical)
In reality, it's more like water and flows with no prediction. So what we, "simple traders", could do is just try to catch the water movement.
This is why I am creating a hole new way of trading, called : "The Moving Water". So far is working pretty well, but I am trying to improve it as I speak.
Bottom line, we could have a bull trap, but even if it happens, would not go so far, there is no power for that:
- it's China's new year, and people from that part are taking there investments out to pay January bills, and a lot of USA results are coming op (fundamental);
- Big correction is about to happen, as the MA 1000 is squeezed down (3h chart), and price is about to loose MA100 (daily chart). ( Technical)
well talk is cheap so: