Long

Ascending Triangle, Potential entry point

Updated

Here we have a textbook ascending triangle, a very straight forward pattern

I'm looking for more upside here, keeping in mind that the halving just took place, and we are coming up on almost two straight months of bull run.

Of course patterns do not always play out as they should, but tend to be stronger on the larger time frames.

Other considerations are that 10,500 is a resistance that was built in February, but was closely tested (not quite) all the way back in October of last year. What this says is that around that range we will likely experience more resistance. IF it breaks, however; the weekly chart suggests a retest of the 14k zone.

Note

Here is a trade from a couple years ago, with a very similar setup on the 4hr chart with an ascending triangle

Here is the resitance level I see as being most significant in the near term

And here is the resistance level I see for the weekly chart that I believe will be the next testing ground IF the 10,500 level area is broken

Note

And here is the final testing level which would be the super mega bullish scenario testing and or breaking the ATH of BTC
tradingview.com/chart/QkRcEcrz/

Note

A nice dip on the 4hr appears, so long as it's a higher low, the pattern remains valid

Note

Triangle is still play. A lot of people calling for more downside with ZERO substantiation on the chart for it. Until this Triangle breaks down, we will wait for a test of the top resistance. It's far too early to call anything else

Note

Triangle invalidated

usablewifi

Disclaimer

The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.