Bitcoin is in a Descending Triangle
BTCUSD has formed a nice descending triangle, with breakout time within the next 27 hours. I would be favouring the bullish break to the upside here, with 70% likelihood, compared to the less likely outcome of a breakdown, which I am giving a 30% chance. The reason for this is because we have underlying bullish momentum now, and descending triangles are bullish in general. My trade setup here is to wait for either a break above the resistance or below support, a 15min candle close outside of the triangle, and then I will place my trade in whichever direction this structure breaks. It is important to use a SL when breakout trading, and I will be placing the SL just within the triangle, just in case the price comes back and retests the support/resistance and wicks back onto the line.
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