While recent price volatility might have created a top, it also very well might have started a symmetrical triangle.
Such set up would allow Bitcoin to consolidate for next couple of months.
In essence price should stay in 32-37K trading range, while reaching as high as 39K and as low as 30K when testing triangle’s resistance and support. Lower highs and higher lows as time progresses.
Trading range just doesn’t allow for higher risk/reward trade set up (at least not until price will be breaking out of the triangle). Short term entry at $30K-$32K with target of $37K-$39K (and repeat) with a stop loss at $28.5K could yield some returns. It just doesn’t have good enough risk/reward for my liking. Real long entry set up would be at the end of this range.
Tentative timing, range, and price moves are marked on the chart. It will need to be refined as time goes on. As of now beginning of April looks like a promising time to resolve trading range (to the upside).
IF price breaks $28500 to the downside, this whole set up becomes invalid.
Stay tuned, cheers!
This is not financial, investing, of trading advise.
Such set up would allow Bitcoin to consolidate for next couple of months.
In essence price should stay in 32-37K trading range, while reaching as high as 39K and as low as 30K when testing triangle’s resistance and support. Lower highs and higher lows as time progresses.
Trading range just doesn’t allow for higher risk/reward trade set up (at least not until price will be breaking out of the triangle). Short term entry at $30K-$32K with target of $37K-$39K (and repeat) with a stop loss at $28.5K could yield some returns. It just doesn’t have good enough risk/reward for my liking. Real long entry set up would be at the end of this range.
Tentative timing, range, and price moves are marked on the chart. It will need to be refined as time goes on. As of now beginning of April looks like a promising time to resolve trading range (to the upside).
IF price breaks $28500 to the downside, this whole set up becomes invalid.
Stay tuned, cheers!
This is not financial, investing, of trading advise.
