Bitcoin loves its triangles

Updated

Bitcoin is consolidating in a symmetrical or ascending triangle which sets me up for a breakout trade. Using a 10900 break above to open a long and a 10200 break for the downside targets to initiate. Move is expected to be explosive since historical volatility percentile has been contracting for a while. Volume signature suggests also that bitcoin is close to breaking out of the range. Expecting a strong bounce and possible reversal around the 9350 area which represents a high volume node on the volume profile. Will re-evaluate from there. Profit taking is just as important as cutting a loss so set your TP's with liquid areas in mind. Breakout trades require good risk and position management. Don't overleverage and get caught on low TF trading while PA is very compressed and with high probability for a big move.

Note

BTCUSD on the weekly suggests that if breaking below the yellow 21ema and parabolic SAR on a candle closing basis, it will commence a deeper correction over time.

Note

Trade active

Long trade active from 10950, looking for pullback towards 11150 liquid zone after hitting .382 fib, ultimately looking for final target of 11800 which shows good confluence;
volume POC, .
236 fib retrace,
measured move target from the ascending triangle.
invalidation level for the the trade is 11000

Trade closed: target reached

Hope you guys will join me next time. Good luck

Note

MaAndre0805

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