Hey Guys,
this is my first published analysis. Nevertheless, I have had some success in the past with pure technical analysis.
As you can see, BTC has formed a triangle over a couple of days now which could break either way. Rule of thumb here is buying on the breakout of the top line or sell the breakdown of the lower line as shown in the chart. Take profits should be either close to 20k or 18k on the downside. Stop loss 150 usd. Also be prepared for a fakeout - you might have to reenter at the same levels once the final direction is settled.
Comments or cheers are ap
preciated.
this is my first published analysis. Nevertheless, I have had some success in the past with pure technical analysis.
As you can see, BTC has formed a triangle over a couple of days now which could break either way. Rule of thumb here is buying on the breakout of the top line or sell the breakdown of the lower line as shown in the chart. Take profits should be either close to 20k or 18k on the downside. Stop loss 150 usd. Also be prepared for a fakeout - you might have to reenter at the same levels once the final direction is settled.
Comments or cheers are ap
Comment:
Well, what can you say to that? The fact that it seems so hard for the market to find its direction is pretty bullish to me this close to ATH.
I have updated the triangle which has been stretched to the 4H now. Still same old same old- buy when upper line is broken, sell when lower line is broken. This could be a special market situation due to the imminent danger of failing at ATH which could explain this hesitancy and also mean we could see some vicious fakeouts. Decide for yourself how much you want to risk in terms of S/L and when a breakout is to be seen as a breakout (could wait for confirmation but lose some significant profits)
I must honestly say, this is the most indecisive stuff I've seen a long time in BTC.
Good luck.
I have updated the triangle which has been stretched to the 4H now. Still same old same old- buy when upper line is broken, sell when lower line is broken. This could be a special market situation due to the imminent danger of failing at ATH which could explain this hesitancy and also mean we could see some vicious fakeouts. Decide for yourself how much you want to risk in terms of S/L and when a breakout is to be seen as a breakout (could wait for confirmation but lose some significant profits)
I must honestly say, this is the most indecisive stuff I've seen a long time in BTC.
Good luck.
Trade closed: target reached:
Well that was quick,
Price broke down to 18130, which leaves us a potential profit of about 480 USD since the breakout. I took some profit around the 18300 area, maybe this is the beginning of a much deeper move.
Price broke down to 18130, which leaves us a potential profit of about 480 USD since the breakout. I took some profit around the 18300 area, maybe this is the beginning of a much deeper move.
The last time a triangle was so obvious was the breakout of the 10k area.
It took 20 hours for the market to decide to take the breakout. If history repeats itself, this would be in about 8 hours.
If this turns out to be a false breakout after all, we might see BTC diving deep this time. Not being able to break 20k once again. Its behaviour reminds me of late 2017 early 2018. Back then it began to fail most bullish opportunities and the rest is history.