RaizenR

Bitcoin on the verge of a breakout?

Long
BITMEX:XBTUSD   Bitcoin / US Dollar Perpetual Inverse Swap Contract
It has been a while since i posted a long analysis so i hope this will work out.
From what i am seeing bitcoin is trying a breakout, a nice triangle has formed on the hourly and seems like BTC is trying to break it's resistance.
We managed to break the 0.382 FIB retracement level but seems like bulls can't really hold it.
One thing is clear, volume is low and this usually suggests a short move, but all the moving averages show us a strong buy in the market.
STOCHRSI, MACD , ADX also suggest a long move.
We are trying to build a trade on multiple confirmation levels here, although these indicators are suggesting the market is going to move up, the triangle formations has the best accuracy rate in crypto, so i would wait for the triangle to break either way.
Long targets here would be TP1 11.2, TP2 11,650.
If we reach and keep 11,650 , then 12k-13k is in the books.
Now in case the triangle breaks downwards, god forbid, as posted in the last trades, 9.9k is the first target, being a historical mark-up for crypto it should hold, if not i will follow up with more info.

All in all, my bias is long here, and i will try to find the best entry at a multi confirmation level !
Trade active: seems we broken the triangle upwards as expected, and we are going for the first golden line !

Comments

BTC is now at the daily trend. and lacking momentum to break thru.
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Great Analysis!
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generally speaking, the sym triangle is a continuation pattern. market structure is key, as we have not made a HH or a HL. The DXY is bullish, this is not good news for btc, this is a suckers rally imo. i posted my own analysis back on the 2nd, favouring a short. and so far it has played out perfectly, this rally in price included. having said that, you are right about the lagging indicators favouring a buy.
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