BTC Bulls staged for a breakout. Like and Follow!
Hey folks,
Keeping this short and sweet...chart speaks for itself.
We are building a range in the accumulation zone (grey box). This base is getting stronger and wider before we blow up north. Obvious signs that we hit the bottom already and we are now building the foundation needed for take off.
BTC is respecting the ascending triangle supports. This is a continuation pattern and most successful in a up trend (which we are in).
I do believe we could hit the triangle ceiling and support another time before we break out in a bull wave 5 move. We will test the prior resistance at $4,200 and change. From there we could go into a sideways ABC pattern, before the inverse H&S pattern play out and we retest 5.8k.
Safe trading,
Bobby
PS - for my followers who bought with me at 5.2-5.3. Our plan still is still active at holding current stop profit at the chart levels. If bitcoin does break out we should move 50% of our positions to a higher stop. We'll clarify on levels if and when this happens.
Keeping this short and sweet...chart speaks for itself.
We are building a range in the accumulation zone (grey box). This base is getting stronger and wider before we blow up north. Obvious signs that we hit the bottom already and we are now building the foundation needed for take off.
BTC is respecting the ascending triangle supports. This is a continuation pattern and most successful in a up trend (which we are in).
I do believe we could hit the triangle ceiling and support another time before we break out in a bull wave 5 move. We will test the prior resistance at $4,200 and change. From there we could go into a sideways ABC pattern, before the inverse H&S pattern play out and we retest 5.8k.
Safe trading,
Bobby
PS - for my followers who bought with me at 5.2-5.3. Our plan still is still active at holding current stop profit at the chart levels. If bitcoin does break out we should move 50% of our positions to a higher stop. We'll clarify on levels if and when this happens.
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slight change. I believe wave 5 will test the 4.4k range before going into a relatively flat ABC correction.
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going as planned
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bulls steady. we could see another retest of the support around 3,770 before we go into a bull 5 wave. litecoin is up nearly 10% right now. It will be interesting to see if other alts instigate bitcoin to move higher....this has happened before.
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As I stated an hour ago btc hit 3,770. now what i'd like to see is btc touch the upper trendline one more time and if it gets rejected reconfirm the upward sloping trendline again (basically around where the green cirles are).....this will reinforce the ascending triangle pattern even more.
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sorry took wrong screenshot above. please see this one.
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Boom. Another touch on the upward support line. That's 4 touches now. What we need to see is a 3rd touch on the horizontal resistance line to confirm demand.
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reviewing the recent price action again it appears we are building a symmetrical triangle vs. ascending triangle. Not as bullish, but being the overall trend from 3.1k low is bullish/neutral I suggest we are looking for a break out vs. break down. symmetrical triangles are normally continuation patters in the trend that it is found. You take the width of the triangle in this case 12.5% and since we are assuming this is going to be a bullish break out we add that to the top. This takes us to the green line of exactly 4.5k. Thats our target for this pattern.
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boomshakalaka!!!!