Is Bitcoin Preparing to Breakout?
Bitcoin seems to have confirmed a bullish ascending triangle pattern. That does suggest a break up, targeting approximately $9,750. This doesn’t mean it’s definitely going to break up. We know bitcoin has a history of painting bullish or bearish patterns, only to lure in guppies and take price in the opposite direction. Regardless, probability is in favor of a bullish break up to at least $9,600-$9,700. Volume remains lackluster as traders wait for confirmation of a larger move. I think that larger move will likely come in the next 48 hours.
Zooming out to a more macro level, we can see the prior swing high on the MONTHLY chart was created back in July of 2018. This is interesting because last months candle found resistance right at that swing high (roughly $8,500). This month's candle seems to be finding support at that same spot. If we get this month's candle closing above $8,500, it would be an extremely bullish sign of strength IMO.
In today’s video I’ll discuss key areas to watch, price targets, traps to avoid and so much more. I hope you find it helpful.
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Disclaimer: This is NOT financial advice.