BTCUSD: Rectangular Breakout
Updated
Short analysis: Break-out of the rectangular trading pattern with high volume. Next red candle could not re-break support.
Expecting price to move at least to height of the rectangle.
Supported by crossing of MACD.
Histogram in MACD although subtle also shows a higher high, reaffirming that this is a break-out.
Note
We've reached past 75% of the height of the rectangle, this would be where initial take profits for the risk-averse can be taken as I believe the risk to reward for the final 25% of profit is lower. On another note, I have just found out about the Long position tool which i find is better as the forecasting tool requires timing as well, which i think is very hard to do. I will be using the Long position tool more in the future.
Thanks, trade well!
Note
Meant to say reward-to-risk is lower*Sorry!
Note
Box Height reached! Full take-profit can be done now.Trade well!
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