As you can see on the chart BTC has formed a ascending traingle against the USD on the 1H, earlier a fake out happened out of the triangle.
If we get a confirmation of this breakout with volume, this could be a nice trade to the upside. But I remain cautious because of the previous steep uptrend and a kind of need for consolidation to continue a healthy uptrend.
Besides this, there are also bearish divergences appearing on the RSI & MFI. If you zoom on the chart and take a look at the 4H tf you’ll see clearly see that BTC is forming a rising wedge. If we break this resistance then we’re going to break the huge psychological resistance of 50K and 51.K will be within reach.
If we break down, I expect that it will be a breakdown to the Fibonacci Retracement 0.618 level at approximately 46.1K.
I’m not stepping into any trade until BTC decides where to go next.
This is my publication #5. Let me know what you think of it and if you have any questions, suggestions, feedback or other inquiries let me know! I’m also just a trader.
If we get a confirmation of this breakout with volume, this could be a nice trade to the upside. But I remain cautious because of the previous steep uptrend and a kind of need for consolidation to continue a healthy uptrend.
Besides this, there are also bearish divergences appearing on the RSI & MFI. If you zoom on the chart and take a look at the 4H tf you’ll see clearly see that BTC is forming a rising wedge. If we break this resistance then we’re going to break the huge psychological resistance of 50K and 51.K will be within reach.
If we break down, I expect that it will be a breakdown to the Fibonacci Retracement 0.618 level at approximately 46.1K.
I’m not stepping into any trade until BTC decides where to go next.
This is my publication #5. Let me know what you think of it and if you have any questions, suggestions, feedback or other inquiries let me know! I’m also just a trader.