BTC traingle breakout. Next target 17189 USDT?
We can observe a breakout on de 2nd of January form a descending triangle (even tough this pattern is usually a bearish sign). We expect an move upwards matching the height of the triangle.
At the moment the price moves in a falling wedge, due to the preceding uptrend we can interprete this as a bullish sign. This is confirmed by stoch also beeing in the bullish area.We expect abreakout from the wedge. Fib may give resistance to a coming upmove of the price making it bounce back to the bottom of the channel.
In that case a new ascending triangle would be formed, again a bullish pattern. We consider a breakout to happen, causing a price move that could probably reach the red resistance line
Accum/dist is following the uptrend showing no selling pressure.
A buy order could be placed above the ascending wedge.
At the moment the price moves in a falling wedge, due to the preceding uptrend we can interprete this as a bullish sign. This is confirmed by stoch also beeing in the bullish area.We expect abreakout from the wedge. Fib may give resistance to a coming upmove of the price making it bounce back to the bottom of the channel.
In that case a new ascending triangle would be formed, again a bullish pattern. We consider a breakout to happen, causing a price move that could probably reach the red resistance line
Accum/dist is following the uptrend showing no selling pressure.
A buy order could be placed above the ascending wedge.
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.