Don't Miss This Descending Triangle for XBT/USD!

The bulls are very strong right now. We've just seen them taking a shot at 9400, confirming the descending triangle. However, with some of the bears stopped out the bulls might return stronger than ever.

The scenario I want to share in this idea is the opportunity for another rally, this time breaking through the upper resistance of the triangle. When that happens, things can suddenly really take off. In such a case I would expect BTC to move to levels of around $10000. If you want to be safe, you could add your take profits slightly under the psychological resistance of $10000.

With the RSI being overbought right now (>70), I do expect that the price momentum will need to cool down a bit before it can continue another upwards move. That's why I gave it a few days to prepare for the next rally.

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- Trading Guru

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Disclaimer!
This post does not provide financial advice. It is for educational purposes only!