Bitcoin on the verge of breaking out - Will it fail again?
Updated
Hello Traders,
BTC has been going sideways for a few hours now so it seems like its about to make some unexpected move here.
I do see an ascending triangle on a 4H chart, which is usually bullish if it breaks out to the top. A few hours ago, it did try to break out, but failed. Lets see now whether it can make it. Short trades can be placed if a candle closes about the horizontal line at around $6871.
RSI is a bit towards the high side, so there are chances it might do a fake breakout this time as well. If that happens we will most probably test the support line shows in the chart.
When BTC plays unexpected moves, I tend to stay out of trades and just like to watch and catch any obvious trades from any obvious patterns. If you trade, be careful as there is a lot of news going on and also the stock market is indirectly affecting this.
I"ll try and keep y'all updated with BTC.
Happy Trading!
BTC has been going sideways for a few hours now so it seems like its about to make some unexpected move here.
I do see an ascending triangle on a 4H chart, which is usually bullish if it breaks out to the top. A few hours ago, it did try to break out, but failed. Lets see now whether it can make it. Short trades can be placed if a candle closes about the horizontal line at around $6871.
RSI is a bit towards the high side, so there are chances it might do a fake breakout this time as well. If that happens we will most probably test the support line shows in the chart.
When BTC plays unexpected moves, I tend to stay out of trades and just like to watch and catch any obvious trades from any obvious patterns. If you trade, be careful as there is a lot of news going on and also the stock market is indirectly affecting this.
I"ll try and keep y'all updated with BTC.
Happy Trading!
Note
BTC broke the horizontal line of the ascending triangle. Let's see if the 4 HR candle can close above the line. If not, it's probably be a fake breakout.Note
Looks like we might be going down from here unless BTC bounces from the bottom triangle line.
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Note: This is a brand new community, so ignore the silence in there while we grow :)
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