Bitcoin MEGA triangle
A huge triangle formed on the Bitcoin daily chart combined with a head and shoulders pattern. Critical support is formed by the 50-day moving average.
Breaking the triangle to the upside will most likely result in new all time high's with first target 20 000 - 25 000.
Breaking the triangle to the downside will most likely result in a massive sell-off.
I think the 10K psychological support won't be strong enough to hold and Bitcoin will most likely fall down towards support levels ranging between 7500 and 8500. The 100-day MA should give good support.
Watch for full RSI retracement before buying in.
Place pending buy orders at 16K and above.
Place pending sell orders at 11.5K and below
Breaking the triangle to the upside will most likely result in new all time high's with first target 20 000 - 25 000.
Breaking the triangle to the downside will most likely result in a massive sell-off.
I think the 10K psychological support won't be strong enough to hold and Bitcoin will most likely fall down towards support levels ranging between 7500 and 8500. The 100-day MA should give good support.
Watch for full RSI retracement before buying in.
Place pending buy orders at 16K and above.
Place pending sell orders at 11.5K and below
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.