BTC/USD ascending triangle should break soon
Updated
BTC has been trying to rebound from its big dump during last days, but faces the red resistance and is consequently building an ascending triangle with higher lows. The dump stopped around the multi-year old dark red support and the lower part of the pink channel. Considered together with the very low RSI and most indicators asking for a serious rebound, it suggests a bullish breakout of the ascending triangle towards the upper side of the pink channel, @ 5500+ USD.
The bearish scenario would involve multiple rejections at the red resistance, giving breath to indicators and fuel for another leg down towards the lower part of the pink channel and the expected bottom @ 3200 USD or so.
Depending on the position you are currently holding (both are ok), placing stops/buys at the red resistance breakout and at the last higher low seems like a comfortable setup for next swing on the daily.
The bearish scenario would involve multiple rejections at the red resistance, giving breath to indicators and fuel for another leg down towards the lower part of the pink channel and the expected bottom @ 3200 USD or so.
Depending on the position you are currently holding (both are ok), placing stops/buys at the red resistance breakout and at the last higher low seems like a comfortable setup for next swing on the daily.
Note
Sadly for my long position, the bears just broke the triangle.Next expected stop is a retest of 3700 to try and find a bottom or a full fall to 3200...
Note
Hard to find a bottom for this free fall ! Most observers now expect a bottom around 3k, but nobody knows the way ;-)
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