BTCUSD Ascending Triangle...In progress?
Updated
Ascending triangle forming on the daily chart . We have touched 8800 multiple times in the past weeks, would probably need to test it once more before it breaks.
At the same time breaking the blue trend line on the downside would turn the momentum bearish short term and we'd likely see a test of the 50MA @ around 7200. Chances are that this support level might hold taking into consideration we have the 50MA there + the flash crash consensus from Kraken stopped roundabout the same figure.
Ideally, we want to see a big move up that would go past 9k to 9300-9500, consolidate between 8800 to 9100 followed by a break of 9823 15/05/18 high.
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Note: This isn't financial advice, it's simply my opinion shared with the distinguished users of TV.
At the same time breaking the blue trend line on the downside would turn the momentum bearish short term and we'd likely see a test of the 50MA @ around 7200. Chances are that this support level might hold taking into consideration we have the 50MA there + the flash crash consensus from Kraken stopped roundabout the same figure.
Ideally, we want to see a big move up that would go past 9k to 9300-9500, consolidate between 8800 to 9100 followed by a break of 9823 15/05/18 high.
Please like this analysis as this enables me to comment on other charts posted by other users. (This is a new account.)
Note: This isn't financial advice, it's simply my opinion shared with the distinguished users of TV.
Note
Still inside the channel, it moved up slightly, getting a bit further away from the trendline which is healthy so we'll see what is going to happen. Will update this in the morning, sleep well!
Note
Not a lot of movement going on. Open interest is quite stagnant as well, no developments for the time being. We do have room to fall until around 77XX but ideally we want to go up another 100-150 points to confirm that bulls are in control.
Note
Nice push we just had right now on Mex. I was keeping an eye on it and it was basically jumping 10 points every second or so. This is what we want. On 15m chart we have had a similar ascending triangle that broke out with this move. 15M Chart below:
On that 15m chart you can see how BTC printed an inside bullish candle at 14:45 that propelled the price further. Also, on the 15m chart we can notice an uptrend on the RSI held from 9 AM 11th of June.
Trade closed: target reached
I was off for a few days so I didn't had the time to watch the market. The triangle played out perfectly. I'll keep an eye on the market and probably update tonight or tomorrow.
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