Bitcoin Ascending Triangle

23 thg 4, 2018

On the 4hr chart, Bitcoin has found resistance at the prior Cycle High point. Not unusual, considering the beautiful rally this sector has seen over the past week.

The bumping up against the Resistance area is forming a bullish ascending triangle, telling us that after repeated attempts at cracking this area one will manage to penetrate and start a new rally.

Trade idea - Long here at $8,910, with a stop using the lows of recent candles at $8,740. That's only a $170 risk per coin. Profit target is $9,910, or $1,000 a bitcoin. Risk/Reward is an asymmetrical 1:6.