Despite a 4 hour RSI constantly extended over 70, bitcoin has been looking very strong up to the weekend. This was the case until the last push up where we had low bullish volume and formed a double top, which in my eyes constitutes an albeit very tall fake breakout of the key resistance of 10868, off of which we've rejected multiple times.
Drawn in the chart are a small ascending triangle that's got the aforementioned key resistance, and could signal a rally upon breaking of that level. A breakout could see a move of up to 6%, though I'm worried that the bulls will not break the 11300 level which is the double top that we had formed.
The RSI is still on the high 65s on the 4h, so I'm only looking to trade this breakout if there's enough volume to back it up, and with a strict stop loss at breakeven.
Drawn in the chart are a small ascending triangle that's got the aforementioned key resistance, and could signal a rally upon breaking of that level. A breakout could see a move of up to 6%, though I'm worried that the bulls will not break the 11300 level which is the double top that we had formed.
The RSI is still on the high 65s on the 4h, so I'm only looking to trade this breakout if there's enough volume to back it up, and with a strict stop loss at breakeven.