Ascending triangle on the 4h chart looking for a break out
BTC formed a wonderful ascending triangle (mostly bullish pattern) on the 4h chart. Additionally we have a bullish crossover of the 21 EMA (purple line) and the 50 MA (bluish line). It is currently having its 3rd touchpoints with the upper line of the triangle. A break out is imminent, my 2 sats say it's going to be the upside, as we have put in a nice round bottom in the days before.
Things could go quicker and we could see a break out in the next hours. But as I know BTC, it loves to almost come to the very end of a pattern formation before breaking out. If you are trading this pattern, my recommendation for the first take profit (TP_1) would be around the 100 MA (green line) and then take it all the way up to the 200 MA (orange line) for your second take profit (TP_2). After touching the 100 and 200 MAs I could see us respecting and reacting to this levels before continuing our way up.
Cheers!
Things could go quicker and we could see a break out in the next hours. But as I know BTC, it loves to almost come to the very end of a pattern formation before breaking out. If you are trading this pattern, my recommendation for the first take profit (TP_1) would be around the 100 MA (green line) and then take it all the way up to the 200 MA (orange line) for your second take profit (TP_2). After touching the 100 and 200 MAs I could see us respecting and reacting to this levels before continuing our way up.
Cheers!
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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.