Will it pump? That's a question. Can we trade that with good risk management? Yes, that's for sure. All you need can be seen on the 1-hour chart. All we need are good market volumes from buyers. We need to update local highs and set stops lower - you can see the main resistance levels on the chart. Anyway, volatility is low, and this can be a perfect moment to enter. This is not a recommendation; this is a subjective overview, and a bullish pattern can also fail. Keep this in mind. If this fits your strategy, you can enter. Good luck.
How to trade that pattern?
(a) Well, you can wait for confirmations, such as new local highs with volumes.
(b) Wait for the last low (if it happens), and if you see that the price is not going lower, you can enter there (that's risky).
(c) You can enter with split orders: at the last low and the next confirmation with new highs.
Keep in mind that BTC is currently in a flat phase, and it's not very clear what will happen next. Globally, I see limits from buyers to hold the BTC price and some markets that pumping. HOWEVER, the sellers are active 29,500 and currently, I can't see strong bullish candles on the 1-hour BTC chart; instead, I observe sellers' pressure. Be prepared for a potential breakdown, below 29,300.
How to trade that pattern?
(a) Well, you can wait for confirmations, such as new local highs with volumes.
(b) Wait for the last low (if it happens), and if you see that the price is not going lower, you can enter there (that's risky).
(c) You can enter with split orders: at the last low and the next confirmation with new highs.
Keep in mind that BTC is currently in a flat phase, and it's not very clear what will happen next. Globally, I see limits from buyers to hold the BTC price and some markets that pumping. HOWEVER, the sellers are active 29,500 and currently, I can't see strong bullish candles on the 1-hour BTC chart; instead, I observe sellers' pressure. Be prepared for a potential breakdown, below 29,300.
Comment:
Yes, as I wrote earlier, a breakdown may have occurred. The triangle pattern has failed, which emphasizes the importance of staying informed about what's happening with BTC.
Comment:
~0,3860 is the last chance to hold the triangle