The first thought on any crypto trader's mind this week- where is Bitcoin going? Bitcoin saw a strong bullish breakout this week, climbing around 9%, followed by a swift rejection at 65k and a 50% fib retracement, where she is currently ranging within a symmetrical triangle.
Bitcoin will break out of the triangle in the next 1 to 5 hours. I placed potential long and short entries here. If it breaks bearish, the entry for that would a close beneath the triangle highlighted in the red box. For long entries you can look at either of the green boxes, with the lower one offering nearly 1% more potential profit but higher risk; and my recommended entry would be to wait for a bullish break and close above the 23% retracement.
A bearish breakout would see us revisit support at the March ATH around 61.2k, which also serves as the 50% retracement in this pattern. This would be a very bearish signal, and develop into a descending triangle against last months resistance. Falling under this would see us retest the psychological support of 60k and below that, the bottom of the macro trendline.
A bullish breakout would see us attempt to retake between 64 and 65k, but with the potential to climb as far as 66k.
Bitcoin will break out of the triangle in the next 1 to 5 hours. I placed potential long and short entries here. If it breaks bearish, the entry for that would a close beneath the triangle highlighted in the red box. For long entries you can look at either of the green boxes, with the lower one offering nearly 1% more potential profit but higher risk; and my recommended entry would be to wait for a bullish break and close above the 23% retracement.
A bearish breakout would see us revisit support at the March ATH around 61.2k, which also serves as the 50% retracement in this pattern. This would be a very bearish signal, and develop into a descending triangle against last months resistance. Falling under this would see us retest the psychological support of 60k and below that, the bottom of the macro trendline.
A bullish breakout would see us attempt to retake between 64 and 65k, but with the potential to climb as far as 66k.