Bitcoin / TetherUSUpdated Bitcoin forming an ascending triangle
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Today Bitcoin had a small rally so my previous expectations changed. If the 38500 resistance holds, it can draw an ascending triangle that will end in about 2 days. The end of the triangle meets the long term descending trendline roughly. There a powerful breakout is likely, possibly to the down, but I'm not 100% sure, so I might wait with any trade until the direction is confirmed.
Today Bitcoin had a small rally so my previous expectations changed. If the 38500 resistance holds, it can draw an ascending triangle that will end in about 2 days. The end of the triangle meets the long term descending trendline roughly. There a powerful breakout is likely, possibly to the down, but I'm not 100% sure, so I might wait with any trade until the direction is confirmed.
Note
Well 38500 did not hold, that's more bullish than I expected. Buying dips can be a good strategy after testing/breaking the trendline resistance.
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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.