Bitcoin on the verge of breaking out - Will it fail again?
Hello Traders,
BTC has been going sideways for a few hours now so it seems like its about to make some unexpected move here.
I do see an ascending triangle on a 4H chart, which is usually bullish if it breaks out to the top. A few hours ago, it did try to break out, but failed. Lets see now whether it can make it. Short trades can be placed if a candle closes about the horizontal line at around $6871.
RSI is a bit towards the high side, so there are chances it might do a fake breakout this time as well. If that happens we will most probably test the support line shows in the chart.
When BTC plays unexpected moves, I tend to stay out of trades and just like to watch and catch any obvious trades from any obvious patterns. If you trade, be careful as there is a lot of news going on and also the stock market is indirectly affecting this.
I"ll try and keep y'all updated with BTC.
Happy Trading!
BTC has been going sideways for a few hours now so it seems like its about to make some unexpected move here.
I do see an ascending triangle on a 4H chart, which is usually bullish if it breaks out to the top. A few hours ago, it did try to break out, but failed. Lets see now whether it can make it. Short trades can be placed if a candle closes about the horizontal line at around $6871.
RSI is a bit towards the high side, so there are chances it might do a fake breakout this time as well. If that happens we will most probably test the support line shows in the chart.
When BTC plays unexpected moves, I tend to stay out of trades and just like to watch and catch any obvious trades from any obvious patterns. If you trade, be careful as there is a lot of news going on and also the stock market is indirectly affecting this.
I"ll try and keep y'all updated with BTC.
Happy Trading!
Comment:
BTC broke the horizontal line of the ascending triangle. Let's see if the 4 HR candle can close above the line. If not, it's probably be a fake breakout.
Comment:
Looks like we might be going down from here unless BTC bounces from the bottom triangle line.