🔥 Bitcoin On A Crossroad: Triangle Break Out
A couple of days ago I made an analysis on BTC where I argued that we'd be on the verge of breaking bearish with 19k and 18k as my targets. 19k has been reached and held as support, congratulations if you took the trade.
Ever since the stock markets opened earlier today, Bitcoin has seen a huge bullish move. Where we were trading around 19k yesterday, we're almost trading 10% higher as we speak.
Since 19k held, we have now confirmed a higher-low and lower-high pattern, which forms a triangle on the chart. Classically, this pattern after a strong bearish trend would indicate that it is more likely for BTC to continue the bearish trend. However, since we're below historical oversold RSI's on the weekly timeframe I'm edging for a bullish break out of this move.
If we can get a 4H candle close above the yellow area, the bullish break out is confirmed and we can expect a bullish trend for a couple of days. Targets placed at recent highs.
On the other hand, it's still possible for BTC to bounce of the top resistance of the pattern. Watch carefully.
Ever since the stock markets opened earlier today, Bitcoin has seen a huge bullish move. Where we were trading around 19k yesterday, we're almost trading 10% higher as we speak.
Since 19k held, we have now confirmed a higher-low and lower-high pattern, which forms a triangle on the chart. Classically, this pattern after a strong bearish trend would indicate that it is more likely for BTC to continue the bearish trend. However, since we're below historical oversold RSI's on the weekly timeframe I'm edging for a bullish break out of this move.
If we can get a 4H candle close above the yellow area, the bullish break out is confirmed and we can expect a bullish trend for a couple of days. Targets placed at recent highs.
On the other hand, it's still possible for BTC to bounce of the top resistance of the pattern. Watch carefully.
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