Bitcoin - Potential Bitstamp Triangle Breakout
Updated
So to be clear, this is only showing on Bitstamp - not other exchanges. Therefore it is probable that a breakout hasn't technically occurred. It's interesting nonetheless hence why i'm posting it.
We can see that we have closed 4 hour candles above the triangle resistance. This is good, the candle broke with volume - also good. The not so good is that the red dashed line is the other potential trend line one could use to draw the sym triangle and that's right... we have hit it and been rejected.
This likely indicates that the red dashed line is the true upper triangle resistance line and this matches up to a number of other exchanges as well.
With that in mind, you should not be trading this pattern at this point but instead wait to see if the red dashed line can be broken on a 4 hour level. Until then just hold tight and see what happens.
A very good scenario would be a pullback to the original breakout resistance, a lovely retest and bounce taking us back up to the red dashed line. From there I'd love to see us hold for a day or so before breaking through it.
We can see that we have closed 4 hour candles above the triangle resistance. This is good, the candle broke with volume - also good. The not so good is that the red dashed line is the other potential trend line one could use to draw the sym triangle and that's right... we have hit it and been rejected.
This likely indicates that the red dashed line is the true upper triangle resistance line and this matches up to a number of other exchanges as well.
With that in mind, you should not be trading this pattern at this point but instead wait to see if the red dashed line can be broken on a 4 hour level. Until then just hold tight and see what happens.
A very good scenario would be a pullback to the original breakout resistance, a lovely retest and bounce taking us back up to the red dashed line. From there I'd love to see us hold for a day or so before breaking through it.
Note
So far so good, we are pushing into the 6700 area and the red dashed line resistance. Let's see if we can break it, if we do I think we could move quite quickly into the 7000s.. likely retest afterwards if we do but first things first. Can we break that resistance ...
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.