BTC/USD possible cyclic RSI breakout
Updated
I would like to present a short term trading opportunity based on a possible cyclic smoothed RSI breakout.
BTC/USD currently trades within a symmetrical triangle and shows strong support within the 13.000 - 14000 USD region. A possible cyclic RSI breakout provides a further opportunity for a long position.
PLEASE NOTE: As we can expect a strong movement upon completion of the symmetrical triangle. At this point, I highly advise to be cautious near the lower tiangle line. A bullish breakout of the triangle would alternatively provide a safe entry with sufficient confirmation of the continuation pattern at 15.800 USD.
Entry: 14.000 USD
Take Proft: 15.500 USD
Stopp Loss: 13.225 USD
Risk/Reward: 1.8
"Safe Entry": 15.800 USD
BASIC, PLAIN and SIMPLE.
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BTC/USD currently trades within a symmetrical triangle and shows strong support within the 13.000 - 14000 USD region. A possible cyclic RSI breakout provides a further opportunity for a long position.
PLEASE NOTE: As we can expect a strong movement upon completion of the symmetrical triangle. At this point, I highly advise to be cautious near the lower tiangle line. A bullish breakout of the triangle would alternatively provide a safe entry with sufficient confirmation of the continuation pattern at 15.800 USD.
Entry: 14.000 USD
Take Proft: 15.500 USD
Stopp Loss: 13.225 USD
Risk/Reward: 1.8
"Safe Entry": 15.800 USD
BASIC, PLAIN and SIMPLE.
Liked this technical analysis? Follow me for more free technical analysis and high-quality content.
Telegram: t.me/@hodlgang_taproom
Twitter: twitter.com/wesker_crypto
Steemit: steemit.com/@wesker
Trade closed: stop reached
We just broke down the lower band of the triangle which was the major support.
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