BitcoinLong
BTC Triangle Breakout Potential
Updated
Can only hope the consolidation happening in the ascending triangle will bust through to test the .236 fib level again, before coming back to test the top of the triangle. If that happens, and top of triangle holds, we may have enough momentum to break through .236 fib.
Try not to fill yourself with too much hopium, however. If volume doesn't support breakout, could be fake.
If triangle doesn't breakout the upside by 5/4, basically closing my long, as odds off upside breakout is slim to none.
Generally, ascending triangles are continuation patterns. Volume and trendline touches suggest it is.
Try not to fill yourself with too much hopium, however. If volume doesn't support breakout, could be fake.
If triangle doesn't breakout the upside by 5/4, basically closing my long, as odds off upside breakout is slim to none.
Generally, ascending triangles are continuation patterns. Volume and trendline touches suggest it is.
Note
Bottom trendline still holding. Price rejected at 21 day MA. We may test bottom trendline again--this will be the moment XBT decides if it's going to have a volume back break out or not. Waiting for now...
Trade active
This played out almost perfectly. Price seems stuck at the .236 fib level ($9600), I anticipate a retest of the top line of the triangle, as drawn above. I've learned my lesson not to short the big corn-- instead I'm placing and order low enough in case price does decide to come test that top line again.
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