$BTCUSD - Another symmetrical triangle and strong resistance
Hi guys! 👋🏻
🔔 Bitcoin set a new All-time-high yesterday hitting $48188, the coin still has plenty of room for growth as the long-awaited $50000 is closer than ever.
🔔 The pair has also formed a symmetrical triangle and a breakout from the triangle will signal the bullish continuation. The coming resistances if the breakout is confirmed are at $48920 and $51050, though panicking sellers might sell Bitcoin at levels near $50900. MACD also nears the signal line and will cross when BTC escapes the triangle trap.
🔔 Bitcoin’s 4 hour chart on other hands has another story to tell. The level where BTC/USD is currently is very wild as Bitcoin has tested yet another resistance.
🔔 As the chart above suggests, Bitcoin might touch the dynamic resistance once again at $4900 - $49200 levels and retrace. The price action similar to the February 8ths jump was seen on January 4th. Such price action suggests that as stronger the impulse wave, the deeper the correction.
🔔 The best price action would be to test $49000 - $49450, retrace to $41400 and go for another bullish run towards $55000. Breakout from the triangle will signal the short-term trend continuation of the pair.
🔔 Mr. Musk in his latest tweets backed Bitcoin and other currencies, in one of his tweets he said “I do at this point think bitcoin is a good thing, and I am a supporter of bitcoin.” The question which remains is if other companies follow the lead of Tesla in accepting cryptocurrencies.
✊🏻 Good luck with your trades! ✊🏻
If you like the idea hit the 👍🏻 button, follow me for more ideas.
🔔 Bitcoin set a new All-time-high yesterday hitting $48188, the coin still has plenty of room for growth as the long-awaited $50000 is closer than ever.
🔔 The pair has also formed a symmetrical triangle and a breakout from the triangle will signal the bullish continuation. The coming resistances if the breakout is confirmed are at $48920 and $51050, though panicking sellers might sell Bitcoin at levels near $50900. MACD also nears the signal line and will cross when BTC escapes the triangle trap.
🔔 Bitcoin’s 4 hour chart on other hands has another story to tell. The level where BTC/USD is currently is very wild as Bitcoin has tested yet another resistance.
🔔 As the chart above suggests, Bitcoin might touch the dynamic resistance once again at $4900 - $49200 levels and retrace. The price action similar to the February 8ths jump was seen on January 4th. Such price action suggests that as stronger the impulse wave, the deeper the correction.
🔔 The best price action would be to test $49000 - $49450, retrace to $41400 and go for another bullish run towards $55000. Breakout from the triangle will signal the short-term trend continuation of the pair.
🔔 Mr. Musk in his latest tweets backed Bitcoin and other currencies, in one of his tweets he said “I do at this point think bitcoin is a good thing, and I am a supporter of bitcoin.” The question which remains is if other companies follow the lead of Tesla in accepting cryptocurrencies.
✊🏻 Good luck with your trades! ✊🏻
If you like the idea hit the 👍🏻 button, follow me for more ideas.
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