BTCUSD in Limbo. Waiting Ascending Triangle Breakout.
Updated
BTCUSD is currently in limbo, depending on the outcome of the ascending triangle breakout.
Downwards Breakout (bearish idea):
If we break the ascending triangle support, we may see levels of 9.8k again. This could be stirred up some more with panic selling (fundamentals), and we may see further trend to the downside.
Key $ areas: breakout below $11,000; target around $9,800
Upwards Breakout (bullish idea):
An upward breakout is certainly more favorable, and we could see some alts rally as a result.
Note that there are two major resistance lines.
Short term resistance: We can see some difficulty climbing above 12.4k if we breakout up soon. It's still a great opportunity for profit with ~7-10% on BTC, and potentially more on alts.
Longer term resistance: If we break through the 12.4k mark, we can see some challenges around 15k
Key $ areas: breakout above $11,700; target 1: $12,400; target 2: $15,000
Note that this can go either way, and can be heavily dependent on market news, and herd mentality.
Downwards Breakout (bearish idea):
If we break the ascending triangle support, we may see levels of 9.8k again. This could be stirred up some more with panic selling (fundamentals), and we may see further trend to the downside.
Key $ areas: breakout below $11,000; target around $9,800
Upwards Breakout (bullish idea):
An upward breakout is certainly more favorable, and we could see some alts rally as a result.
Note that there are two major resistance lines.
Short term resistance: We can see some difficulty climbing above 12.4k if we breakout up soon. It's still a great opportunity for profit with ~7-10% on BTC, and potentially more on alts.
Longer term resistance: If we break through the 12.4k mark, we can see some challenges around 15k
Key $ areas: breakout above $11,700; target 1: $12,400; target 2: $15,000
Note that this can go either way, and can be heavily dependent on market news, and herd mentality.
Trade active
Beautiful breakout out of the ascending triangle characterized by loads of volume, and impulsive moves. As predicted, we hit the short-term resistance at 12,400. First target hit!
Now if we can get over $12,400, we can see $15,000!
Trade closed: target reached
Reached $13,000; trade closed.
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