BTC - Medium Term Setup
Updated
We are looking at an interesting triangular formation in BTCUSDT (DAILY) with support line validating back to May '19.
Below are some interesting observations that we'd like to share with our followers:
- Dual support coming in from 100EMA (Daily) and a validated up-trending line.
- Price consolidating in the Triangle means BTC could possibly be targeting ~14,500 - ~ 15,000 range - but we are yet to see a breakout in this case.
- Emergence of a tentative positive divergence between RSI and Price on 240m chart
Considering the mentioned factors, we believe traders can capitalize on the triangle formation, as long as the range is not too narrow. Breakout buyers can wait for a proper confirmation before going long.
Exact levels on the chart.
*This trade is live for Ritoku followers*
Below are some interesting observations that we'd like to share with our followers:
- Dual support coming in from 100EMA (Daily) and a validated up-trending line.
- Price consolidating in the Triangle means BTC could possibly be targeting ~14,500 - ~ 15,000 range - but we are yet to see a breakout in this case.
- Emergence of a tentative positive divergence between RSI and Price on 240m chart
Considering the mentioned factors, we believe traders can capitalize on the triangle formation, as long as the range is not too narrow. Breakout buyers can wait for a proper confirmation before going long.
Exact levels on the chart.
*This trade is live for Ritoku followers*
Comment
Support held so far. Hoping for the best :)Comment
We are up ~10% from support zone. Day close above $11,000 is likely to clear the path towards $11,600. Happy trading!Comment
We advise trailing the stop for half of the position slightly below 10349.Comment
Position that was trail-stopped in profit (10,349) can now be rebought as BTC trades in the support zone. Closing based stop below 100ema (Daily)
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.