BTCUSD is currently in limbo, depending on the outcome of the ascending triangle breakout.
Downwards Breakout (bearish idea):
If we break the ascending triangle support, we may see levels of $9.8k again. This could be stirred up some more with panic selling (fundamentals), and we may see further trend to the downside.
Key $ areas: breakout below $11,000; target around $9,800
Upwards Breakout (bullish idea):
An upward breakout is certainly more favorable, and we could see some alts rally as a result.
Note that there are two major resistance lines.
Short term resistance: We can see some difficulty climbing above $12.4k if we breakout up soon. It's still a great opportunity for profit with ~7-10% on BTC, and potentially more on alts.
Longer term resistance: If we break through the $12.4k mark, we can see some challenges around $15k
Key $ areas: breakout above $11,700; target 1: $12,400; target 2: $15,000
Note that this can go either way, and can be heavily dependent on market news, and herd mentality.
Downwards Breakout (bearish idea):
If we break the ascending triangle support, we may see levels of $9.8k again. This could be stirred up some more with panic selling (fundamentals), and we may see further trend to the downside.
Key $ areas: breakout below $11,000; target around $9,800
Upwards Breakout (bullish idea):
An upward breakout is certainly more favorable, and we could see some alts rally as a result.
Note that there are two major resistance lines.
Short term resistance: We can see some difficulty climbing above $12.4k if we breakout up soon. It's still a great opportunity for profit with ~7-10% on BTC, and potentially more on alts.
Longer term resistance: If we break through the $12.4k mark, we can see some challenges around $15k
Key $ areas: breakout above $11,700; target 1: $12,400; target 2: $15,000
Note that this can go either way, and can be heavily dependent on market news, and herd mentality.
Trade active:
Beautiful breakout out of the ascending triangle characterized by loads of volume, and impulsive moves.
As predicted, we hit the short-term resistance at 12,400. First target hit!
Now if we can get over $12,400, we can see $15,000!
As predicted, we hit the short-term resistance at 12,400. First target hit!
Now if we can get over $12,400, we can see $15,000!
Trade closed: target reached:
Reached $13,000; trade closed.