BTC is currently trading in a small ascending triangle on the 30 min TF. This is a bullish sign for BTC as well as the fact that it seems to have found support on that 49 000 dollar zone. However on the 1hr BTC is trading within a red ichimoku cloud and the top of this cloud lines up almost perfectly with the resistance area at 51 000 dollars.
What we would like to see is for BTC to break out of this ascending triangle to the upside and then we will consider laddering some longs around that previous resistance area which should then be retested as a support area. This is a much safer entry than trading a breakout as we are unsure of BTC at the moment.
What we would like to see is for BTC to break out of this ascending triangle to the upside and then we will consider laddering some longs around that previous resistance area which should then be retested as a support area. This is a much safer entry than trading a breakout as we are unsure of BTC at the moment.