Bitcoin forms an ascending triangle - target $72000
DCT Trading
Bitcoin is currently still in a consolidation, which forms an ascending triangle. At the current time, the formation seems to be already more than 2/3 matured and a possible breakout is imminent in the next few days.
The volume is decreasing, this speaks for a continuation formation.
Important:
Volume must increase sharply on a breakout so that the probabilities of a fakeout are reduced.
In addition, the daily closing should be absolutely waited!
The price currently has support from the SMA50(blue) and the lower channel boundary, which are close together and therefore offer strong support.
The Fibonacci target is slightly higher than the measured formation target, so the measured target should be used as the first target zone. Since the first high in the formation is a bit messy, there will probably be a different choice of the support point for the Fibonacci retracement among the majority of traders. I set it up very conservatively to reduce my risk.
Summary:
- There continues to form an ascending triangle which could break out soon
- Daily closing must be waited for after breakout
- Possible formation target is around $72,650
- Strong support from boundary and SMA50
_______________________________________________________________________
Regards
DCT-Trading
Bitcoin is currently still in a consolidation, which forms an ascending triangle. At the current time, the formation seems to be already more than 2/3 matured and a possible breakout is imminent in the next few days.
The volume is decreasing, this speaks for a continuation formation.
Important:
Volume must increase sharply on a breakout so that the probabilities of a fakeout are reduced.
In addition, the daily closing should be absolutely waited!
The price currently has support from the SMA50(blue) and the lower channel boundary, which are close together and therefore offer strong support.
The Fibonacci target is slightly higher than the measured formation target, so the measured target should be used as the first target zone. Since the first high in the formation is a bit messy, there will probably be a different choice of the support point for the Fibonacci retracement among the majority of traders. I set it up very conservatively to reduce my risk.
Summary:
- There continues to form an ascending triangle which could break out soon
- Daily closing must be waited for after breakout
- Possible formation target is around $72,650
- Strong support from boundary and SMA50
_______________________________________________________________________
Regards
DCT-Trading
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