Long

XBTUSD

BTC is in a massive symmetrical triangle. The probabilities favour a upward breakout; however, be cautious and build your position on the support ($8.9-9k). If btc falls through, your losses will be minimalised, if btc breaks upward, you will have already built your position and won't panic if there is a retest of the upper trendline of the triangle (~9.2k). The breadth of the triangle is ~10% so expect the breakout to be of similar extent which, if it breaks upward, would put btc at around ~10.2k. A daily close around that area would be great. I am expecting the move to be volatile and think alts will suffer as a result. It might be better to put capital into larger caps which have enough liquidity to follow btc's moves.

kdjfero2

Also on:

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.