BTCUSD Technical Analysis (Symmetrical Triangle) (Breakout)
Introduction
Hello trading-view! I will be doing another bitcoin analysis today, and I'm thinking if there is a breakout from that upper trend line and resistance, there could a pretty substantial rise coming up.
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Technical analysis/trade information
There is a symmetrical triangle pattern that Bitcoin appears to be breaking out of. This opens up lots of opportunities for long entries, with the best one somewhere around 39,000$. My two targets are 42,000$ and 48,200$, and my stop-loss is about 36,450$.
Target 1: 7.84%
Stop-loss: 6.50%
RR: 1.21
Target 2: 23.73%
Stop-loss: 6.50%
RR: 3.65
Pattern: Symmetrical triangle
Why bullish: looks to be breaking out to the upside.
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Final thoughts
Hopefully the trade turns out good and we all make some money on bitcoin. Let's see what happens. Good luck and great trading everyone!
*not financial advice
Hello trading-view! I will be doing another bitcoin analysis today, and I'm thinking if there is a breakout from that upper trend line and resistance, there could a pretty substantial rise coming up.
==============================================================================================
Technical analysis/trade information
There is a symmetrical triangle pattern that Bitcoin appears to be breaking out of. This opens up lots of opportunities for long entries, with the best one somewhere around 39,000$. My two targets are 42,000$ and 48,200$, and my stop-loss is about 36,450$.
Target 1: 7.84%
Stop-loss: 6.50%
RR: 1.21
Target 2: 23.73%
Stop-loss: 6.50%
RR: 3.65
Pattern: Symmetrical triangle
Why bullish: looks to be breaking out to the upside.
==============================================================================================
Final thoughts
Hopefully the trade turns out good and we all make some money on bitcoin. Let's see what happens. Good luck and great trading everyone!
*not financial advice
Trade active:
BTCUSD has broken out of the symmetrical triangle and is heading towards 42,000$. The trade is underway. Let's see what happens.
Trade active:
Target 1: reached. We still have target 2, so I will close the trade once/if it is hit.
Trade closed: target reached:
All targets have been reached! Bitcoin is now at 48,000$.
