Bitcoin maybe coiling and forming an ascending triangle
Renko 4h chart with average true range (14 period) is showing signs of an ascending triangle.
Even if one can make gain buying now, I will probably wait for breakout (enter half) and confirmation (other half - or if it does not look back that's ok) of this triangle for entry.
There is always a possible that it goes the other way around and drop but given the strength (recently it started to hold up despite equity/stocks weakness). It may be for fundamental reasons or whatever it is, it has been showing relative strength.
I am still cautious on equities despite yesterday's weakness and crypto in general being a risk ON assets, caution is still warranted.
But if this breakout happens above 44500 (plus/minus) and especially if there is a retest and confirm then we are back in bullish business.
Note, I have found success in "using crayons rather than pens" meaning give it some space on stops (whiplash) or even be ready to re-enter if stopped out (though if I get stopped out 2x times I will seriously reconsider patience). That is why ATR (average true range) is useful - in general (for other symbols) but most especially for crypto.
Good luck out there
Even if one can make gain buying now, I will probably wait for breakout (enter half) and confirmation (other half - or if it does not look back that's ok) of this triangle for entry.
There is always a possible that it goes the other way around and drop but given the strength (recently it started to hold up despite equity/stocks weakness). It may be for fundamental reasons or whatever it is, it has been showing relative strength.
I am still cautious on equities despite yesterday's weakness and crypto in general being a risk ON assets, caution is still warranted.
But if this breakout happens above 44500 (plus/minus) and especially if there is a retest and confirm then we are back in bullish business.
Note, I have found success in "using crayons rather than pens" meaning give it some space on stops (whiplash) or even be ready to re-enter if stopped out (though if I get stopped out 2x times I will seriously reconsider patience). That is why ATR (average true range) is useful - in general (for other symbols) but most especially for crypto.
Good luck out there