Bitcoin Market Update
Updated
Bitcoin Market Update
Last night, Bitcoin tried to break out of the triangle pattern but was rejected at the 60K resistance. It fell back inside the triangle and is still within the pattern. We are now testing the top trend line and the Stochastic RSI is overbought, suggesting a higher chance of another rejection and a drop.
Current Observations
Both the RSI and MACD show sideways momentum, indicating uncertainty. The market could move in either direction.
Possible Outcomes
Rejection: Bitcoin could be rejected at 60K again and drop back to the support area I've highlighted.
Breakthrough: If Bitcoin breaks through 60K, we could see it rise to around 62K, completing the pattern's predicted movement.
Trading Strategy
Wait for confirmation of the breakout before trading. Set a stop loss at the top trend line.
Last night, Bitcoin tried to break out of the triangle pattern but was rejected at the 60K resistance. It fell back inside the triangle and is still within the pattern. We are now testing the top trend line and the Stochastic RSI is overbought, suggesting a higher chance of another rejection and a drop.
Current Observations
Both the RSI and MACD show sideways momentum, indicating uncertainty. The market could move in either direction.
Possible Outcomes
Rejection: Bitcoin could be rejected at 60K again and drop back to the support area I've highlighted.
Breakthrough: If Bitcoin breaks through 60K, we could see it rise to around 62K, completing the pattern's predicted movement.
Trading Strategy
Wait for confirmation of the breakout before trading. Set a stop loss at the top trend line.
Comment
Idea played out perfectly
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