Fabico392

Breakout ahead! Decision Days

KRAKEN:XBTUSD   XBT / USD
As we can see, we formed a double top (red arrow) as we had a false breakout from the triangle pattern . we hit my price target (bounced off of the SMA200) and are now at the chronologically end of the triangle. the blue rectangle is a crucial time for the next trend: a breakout can be both, either bullish or bearish .

Signs for a bullish breakout:
  • MACD could gain momentum and crossing bullish . As many bots are working with the MACD , this could give BTC the push it needs to breakout
  • Last Candlestick: Possible Hammer! need a following green candle to be confirmed!
  • Volume: bull traps like the last false breakout have no significant trading volume . the volume is actually growing

How to trade this?
Wait for the breakout to be confirmed. If the Volume continues to grow and the MACD are crossing bullish , this could be the reversal. If we're not breaking the the resistance line, we stay bearish like we still are. Be careful for breakouts with low volume -> bull trap.

Price targets:
When the pattern confirms the breakout, BTC will climb very quickly. Next major resistance is the red area as it is the 38.2% Fibret plus the last top ( double top )
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