BITCOIN forming bullish triangle, bullish break to lead higher
Updated
BTCUSD
The price made a strong bullish break above the Daily Resistance area around $30,000-31,000, and price is currently above support/resistance structure, the safest choice would be to wait for the price to make a correction towards the previous resistance turned support area and if price holds above the support area look for long setups.
But if the bullish pressure is too high, price might continue to move higher after a bullish breakout of the current narrowing structure (Triangle) without making a deep correction of the daily support around $31-30,000. So, my advice would be to wait for the price to make a bullish breakout of the triangle before adding long or to wait for the price to make a deep correction of towards the daily support mentioned above and then look for long opportunities.
Trade Wisely
*The content on this analysis is subject to change at any time without notice, and is provided for the sole purpose of assisting traders to make independent investment decisions.
The price made a strong bullish break above the Daily Resistance area around $30,000-31,000, and price is currently above support/resistance structure, the safest choice would be to wait for the price to make a correction towards the previous resistance turned support area and if price holds above the support area look for long setups.
But if the bullish pressure is too high, price might continue to move higher after a bullish breakout of the current narrowing structure (Triangle) without making a deep correction of the daily support around $31-30,000. So, my advice would be to wait for the price to make a bullish breakout of the triangle before adding long or to wait for the price to make a deep correction of towards the daily support mentioned above and then look for long opportunities.
Trade Wisely
*The content on this analysis is subject to change at any time without notice, and is provided for the sole purpose of assisting traders to make independent investment decisions.
Note
will keep you guys updatedNote
price made a bullish breakout
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