Human Behavior I Love How it Works, BTC LONG
Weekly
Highest timeframe showing last weeks test of $9,700. This week’s candle has tested minor support @ $8,700 and since then momentum has been bullish. Expecting a will fill towards $9,700 and a break through our resistance once volume & momentum pickup.
Daily
Looking over at our trend timeframe we see price has formed an ascending triangle, after it’s impulse leg from $6,800 to $9,700. Price then retrace from $9,,700 to $8,700 and has remained in between since. Stochastic RSI showing momentum a bearish, although there are no confirmations of a reversal. Waiting for a breakout before taking a position.
4Hour
Shifting over to our pattern timeframe we see price has remained inside our ascending triangle. Leaning toward bullish breakout. Double bottom formed inside triangle and above our support zone @ $8,700. Stochastic RSI showing momentum is bullish. Patiently leaning towards a breakout towards the upside.
Conclusion
Buy after price has broken out of pattern.
Related publications
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.