At this point BTC/USD has started some lateral consolidation, an healthy sign after the significant run to almost 10,000 USD.
From this point a consolidation with a retrace is much needed to generate more support underneath and make this rally sustainable in the medium term without major corrections.
Looking at the overall picture an ascending triangle has formed. The structure itself has a bullish bias. However many indicators suggest that the direction at breakout to be bearish.
If we break on the upside we will probably see prices racing towards 10,500 with a safe TP of 10,200 a +4% from breakout.
If a bearish breakout plays out we would retrace at very least to 9290 and then continuing in stages to 8,800 dollars.
If we break this level (8,800) we see a strong support at around 8,200. At this moment a correction to this level is quite unlikely
From this point a consolidation with a retrace is much needed to generate more support underneath and make this rally sustainable in the medium term without major corrections.
Looking at the overall picture an ascending triangle has formed. The structure itself has a bullish bias. However many indicators suggest that the direction at breakout to be bearish.
If we break on the upside we will probably see prices racing towards 10,500 with a safe TP of 10,200 a +4% from breakout.
If a bearish breakout plays out we would retrace at very least to 9290 and then continuing in stages to 8,800 dollars.
If we break this level (8,800) we see a strong support at around 8,200. At this moment a correction to this level is quite unlikely
Note
Triangle breakout was solid but now volume is declining. Careful on which direction is taking from here.
Note
BB compressing showing big move ahead.
10,000 is a major resistance from here a little bounce to lower or if broke with solid volume will validate the analysis and we will see a push to 10,200
Trade closed: target reached
Well done, and congratulations for reaching over 10,000!!!
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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.