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Traders,
Price has been consolidating for a while and just broke out of a symmetrical triangle.
Right now we are leaned more towards a bullish bias, given that inside the symmetrical triangle (pink lines) and the super obvious inverted head and shoulder.
We believe that the Symmetrical Triangle and Inverted HS apply to this context and situation because of buying pressure at the bottom of the patterns. We love those Volume spikes below (black ellipticals)
We have the right shoulder higher than the left shoulder, it is possible that this may morph into a double head and shoulder pattern, which may be possible if price continues to range at this levels.
If the symmetrical triangle pattern breakout plays out then the target will be around 77-78k.
This target is a measured move up from the symmetrical triangle in which we measure the height of the first two points (in black) of the pattern and project that height from the breakout point.
In case BTC does dump, then look for those liquidity pools given by the Volume Profile (hammers) as dump targets.
For the time being we are biased toward a bullish continuation. Trends last longer than you can imagine and most reversals will fail.
What are your views?
This is just an OPINION. Step by step is the best way.. Best of Best my friend.
Traders,
Price has been consolidating for a while and just broke out of a symmetrical triangle.
Right now we are leaned more towards a bullish bias, given that inside the symmetrical triangle (pink lines) and the super obvious inverted head and shoulder.
We believe that the Symmetrical Triangle and Inverted HS apply to this context and situation because of buying pressure at the bottom of the patterns. We love those Volume spikes below (black ellipticals)
We have the right shoulder higher than the left shoulder, it is possible that this may morph into a double head and shoulder pattern, which may be possible if price continues to range at this levels.
If the symmetrical triangle pattern breakout plays out then the target will be around 77-78k.
This target is a measured move up from the symmetrical triangle in which we measure the height of the first two points (in black) of the pattern and project that height from the breakout point.
In case BTC does dump, then look for those liquidity pools given by the Volume Profile (hammers) as dump targets.
For the time being we are biased toward a bullish continuation. Trends last longer than you can imagine and most reversals will fail.
What are your views?
This is just an OPINION. Step by step is the best way.. Best of Best my friend.
“All fixed set patterns are incapable of adaptability or pliability. The truth is outside of all fixed patterns” BL
Trader Since 2016. Industrial and Operations Engineering at U of Michigan, Ann Arbor. MBA IPADE. Master in Finance EGADE.
Trader Since 2016. Industrial and Operations Engineering at U of Michigan, Ann Arbor. MBA IPADE. Master in Finance EGADE.