We have bitcoin forming into three separate formations right now.. There are two bullish formations : an ascending triangle , and an inverse head and shoulders pattern. There is also one bearish formation within those formations : a rising wedge.
The bottom support line of the ascending triangle Is in near perfect confluence with the EMA ribbon support .
I am waiting for the neckline of the triangle to break and then I am going long ... but only after neckline of the triangle is retested and confirmed as support and some volume comes in. As you can see by the volume , the real break hasn’t happened yet . I think a lot of traders have the line drawn wrong on this one. Good place to put stop losses would be below the triangle support line / ema ribbon.
Price Target of the triangle / inverse head and shoulders is 69,250
Stay safe out there boys.
Never leverage more than 5% of your account
Take profits early
The bottom support line of the ascending triangle Is in near perfect confluence with the EMA ribbon support .
I am waiting for the neckline of the triangle to break and then I am going long ... but only after neckline of the triangle is retested and confirmed as support and some volume comes in. As you can see by the volume , the real break hasn’t happened yet . I think a lot of traders have the line drawn wrong on this one. Good place to put stop losses would be below the triangle support line / ema ribbon.
Price Target of the triangle / inverse head and shoulders is 69,250
Stay safe out there boys.
Never leverage more than 5% of your account
Take profits early