Hey guys, my next trade on Bitcoin will be the breakout from this triangle (you can see the setup in the left chart), I only trade the breakout to the upside, I don't want to involve myself joining short in this bull market. BTC is getting closer and closer to the apex of triangle and it will break in 1-3 days. set your alerts, volatility is coming.
The breakout target of this pattern is 67k which is measured by the height of the triangle pattern.
Also we can consider it as a bull flag (I showed it to you in the right chart), which in this case the target will be a little bit higher at 70k approximately, which has confluence with the upper trend line of this ascending channel. This scenario is reasonable too if we see a breakout to the upside; But I'll partially take profit at my first profit target which is at 67k and I'll close the rest of my long position 70k. For now Let's just wait and watch the price action in upcoming days.
Be blessed and enjoy the spring time ;)
The breakout target of this pattern is 67k which is measured by the height of the triangle pattern.
Also we can consider it as a bull flag (I showed it to you in the right chart), which in this case the target will be a little bit higher at 70k approximately, which has confluence with the upper trend line of this ascending channel. This scenario is reasonable too if we see a breakout to the upside; But I'll partially take profit at my first profit target which is at 67k and I'll close the rest of my long position 70k. For now Let's just wait and watch the price action in upcoming days.
Be blessed and enjoy the spring time ;)