It has been a while since i posted a btc analysis, kept it a bit low and only did some scalps.Now a quick move:
-As you can read in the title, and see in this post we have a nice and steady triangle pattern formed, and as almost all of us know btc loves his triangles.Let's get back to the analysis.Bitcoin was close to doom a few days ago and bounced right back up with steady growth (had a short loss at 10300 thinking it won't hold but win some lose some.)Btc is planning a move soon, we are on the 0.5 fib retracement line, just below it which acts as resistance once again.Now yesterday bitcoin tried to break the demand zone (blue zone) but failed so we have new short term resistance, if it breaks it should break like knife to butter. Currently we are above all EMA's now and that's a bullish sign but still not enough confirmations, why ? Because our growth trendline is close and it might break, best move here is either short if triangle breaks down or long if triangle breaks up, simple as this.MACD is on a verge of a new cross over and gives more conf to the bulls.On higher timeframes , we have other massive triangles forming aswell but i'll keep those for another post.
-As you can read in the title, and see in this post we have a nice and steady triangle pattern formed, and as almost all of us know btc loves his triangles.Let's get back to the analysis.Bitcoin was close to doom a few days ago and bounced right back up with steady growth (had a short loss at 10300 thinking it won't hold but win some lose some.)Btc is planning a move soon, we are on the 0.5 fib retracement line, just below it which acts as resistance once again.Now yesterday bitcoin tried to break the demand zone (blue zone) but failed so we have new short term resistance, if it breaks it should break like knife to butter. Currently we are above all EMA's now and that's a bullish sign but still not enough confirmations, why ? Because our growth trendline is close and it might break, best move here is either short if triangle breaks down or long if triangle breaks up, simple as this.MACD is on a verge of a new cross over and gives more conf to the bulls.On higher timeframes , we have other massive triangles forming aswell but i'll keep those for another post.
Trade closed: target reached:
2 targets reached, closing trade just in case, opening another short at golden line break with extremely tight stop loss !