Bitcoin out or inside of triangle ? buy on 1H after confirmation
Updated
market price broke this morning the current up trend line and is testing now the triangle trend line after support and small bottom at yellow 50 day moving average
If the price should move within triangle and close the next 2-3 candles within the triangle expect fast up movement as drawn in the chart because this is bullish indicator. This is the confirmation we wait for.
Another bullish indicator would be a RSI line close above the trend line
Stochastic RSI is already in heavy over selled area and baselines crossed bullish
Another reason why I expect up movement is the Financial Jackson hole meeting today. Mr. Powell will be very pesimistic and will not announce any rate cuts, I assume that the FED will wait for the next figures of the US economy early and mid September before they publish any decision in relation to interest rates. This will give Gold and Bitcoin a small bullish boost.
Good luck to all and enjoy your weekend :)
If the price should move within triangle and close the next 2-3 candles within the triangle expect fast up movement as drawn in the chart because this is bullish indicator. This is the confirmation we wait for.
Another bullish indicator would be a RSI line close above the trend line
Stochastic RSI is already in heavy over selled area and baselines crossed bullish
Another reason why I expect up movement is the Financial Jackson hole meeting today. Mr. Powell will be very pesimistic and will not announce any rate cuts, I assume that the FED will wait for the next figures of the US economy early and mid September before they publish any decision in relation to interest rates. This will give Gold and Bitcoin a small bullish boost.
Good luck to all and enjoy your weekend :)
Trade closed: target reached
closed manually after market starting sideway trend
The analyses provided are for informational purposes only and do not constitute financial advice or recommendations to buy or sell anything. The information presented is based on personal research and interpretation.
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