BTC - Symmetrical Triangle Breakout Long Scalp
Hello Future Millionaires!
Albeit things price action is looking more immediately bearish in the short term, I'm charting a possible long for a breakout from the triangle, just in case the bulls take control again!
If BTC breaks out of this symmetrical triangle, then retests broken resistance as support, then I'll be looking for a long to short-term resistance.
The top side of this target has confluence with the trend line from the recent impulse up and the measured move for the triangle breakout. If the yellow trend line is broken, and holds as support, I'll be looking for more upside and possibly new ATHs!!!
Happy trading traders!
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Guide to My Charts
-The dark magenta horizontal lines are support/resistance 'zones'. If price pierces though one side of the support/resistance zone, it is likely to head to the next support/resistance zone!
-Yellow lines are typically used to chart out pattern formations and trend lines!
-The colored lines are MAs (Red: 10SMA, Yellow: 21EMA, Green: 55EMA, Blue: 89EMA, Purple: 200EMA, White: 200SMA, Maroon: 377EMA).
-Horizontal white and green lines may be Fibonacci levels. The 0.382 and the 0.618 Fibs are green and the rest are white.
-The Historical Volatility Percentile, RSI , and/or stochastics indicators are below the chart if displayed.
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Please smash the like and comment if you find value in this post! It helps show me that others are interested and motivates me to share more with the community!
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Entry: 18861.0
Entry Zone:
T1: 19180
T2: 19345
T3: 19500
T4: 19745.0
Stop: 18564.5
--
R:R: 2.98
Risk: 1.57%
Reward: 4.69%
Leverage: 20X
Leveraged Risk: 31.4%
Leveraged Reward: 93.8%
Risk Assessment: MEDIUM
---
Disclaimer:
This is not financial advice; I am not a financial adviser. This information is not meant to be used for financial advice, nor trade ideas. These posts are simply a record of my technical analysis and potential trade setup ideas.
These posts are intended for educational purposes only. It is imperative that everyone conduct their own research prior to entering any trade.
Albeit things price action is looking more immediately bearish in the short term, I'm charting a possible long for a breakout from the triangle, just in case the bulls take control again!
If BTC breaks out of this symmetrical triangle, then retests broken resistance as support, then I'll be looking for a long to short-term resistance.
The top side of this target has confluence with the trend line from the recent impulse up and the measured move for the triangle breakout. If the yellow trend line is broken, and holds as support, I'll be looking for more upside and possibly new ATHs!!!
Happy trading traders!
---
Guide to My Charts
-The dark magenta horizontal lines are support/resistance 'zones'. If price pierces though one side of the support/resistance zone, it is likely to head to the next support/resistance zone!
-Yellow lines are typically used to chart out pattern formations and trend lines!
-The colored lines are MAs (Red: 10SMA, Yellow: 21EMA, Green: 55EMA, Blue: 89EMA, Purple: 200EMA, White: 200SMA, Maroon: 377EMA).
-Horizontal white and green lines may be Fibonacci levels. The 0.382 and the 0.618 Fibs are green and the rest are white.
-The Historical Volatility Percentile, RSI , and/or stochastics indicators are below the chart if displayed.
---
Please smash the like and comment if you find value in this post! It helps show me that others are interested and motivates me to share more with the community!
--
Entry: 18861.0
Entry Zone:
T1: 19180
T2: 19345
T3: 19500
T4: 19745.0
Stop: 18564.5
--
R:R: 2.98
Risk: 1.57%
Reward: 4.69%
Leverage: 20X
Leveraged Risk: 31.4%
Leveraged Reward: 93.8%
Risk Assessment: MEDIUM
---
Disclaimer:
This is not financial advice; I am not a financial adviser. This information is not meant to be used for financial advice, nor trade ideas. These posts are simply a record of my technical analysis and potential trade setup ideas.
These posts are intended for educational purposes only. It is imperative that everyone conduct their own research prior to entering any trade.
Comment:
Price action never broke out, so trade was never active.
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