What happened in the last couple of days:
- BTC had formed a falling wedge
- G20 in Argentina talked about crypto
- After G20 crypto prices shoot up and BTC breaks out of falling wedge
- BTC stopped accelerating and formed a ascending triangle pattern
So what's next? An ascending triangle has formed and this can breakout both ways. Since predicting which way it will break out is near impossible we will have to be patient. However, I think that a breakout at the top is more likely, since we are still in the thrust of the falling wedge. With the descending volume we can smell the breakout is about to happen.
Please comment your thoughts!
- BTC had formed a falling wedge
- G20 in Argentina talked about crypto
- After G20 crypto prices shoot up and BTC breaks out of falling wedge
- BTC stopped accelerating and formed a ascending triangle pattern
So what's next? An ascending triangle has formed and this can breakout both ways. Since predicting which way it will break out is near impossible we will have to be patient. However, I think that a breakout at the top is more likely, since we are still in the thrust of the falling wedge. With the descending volume we can smell the breakout is about to happen.
Please comment your thoughts!
Trade active:
Looks like a solid breakout to me. 1h candle closed confidently above resistance and notice how the volume went up during the breakout. Using Fibonacci levels the first logical target would be $8963usd.
Comment:
Please look at the white thick lines that show a rising wedge. This usually indicates a price fall, but it can also break out at the top. If it breaks down however, we might retest 8,6Kusd.
Comment:
Looks like a solid breakout to me... Target 8,6k
Trade closed: target reached:
:)