BTC Ascending Triangle Breakout to $11,500

10 cze 2020

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This trade setup is in anticipation for a breakout from the Ascending Triangle. The Ascending Triangle is depicted with the purple lines.

BTC has been forming an Ascending Triangle for the last month. During this time, BTC has been ranging between about 8700 - 10,000. This range is depicted by horizontal the yellow boxes.

The measured move for a breakout takes us right about to 11,480. The final price target for this trade is just under that at 11,457.5.

There is also a smaller Ascending Triangle (see the yellow lines) which has been forming for the past week and appears to be about to break. If the smaller triangle breaks to the upside, it could be the catalyst to a breakout of the larger Ascending Triangle.

The 0.618 Fibonacci is currently acting as resistance and the 0.65 Fibonacci (albeit not a traditional Fibonacci, it is commonly hit), has confluence with the horizontal resistance box at about 10K.

If we see a close above the 0.65 Fibonacci and the horizontal resistance box at 10,021, then the target is long to 11,475.5.

This target has confluence with the measured move from the Ascending Triangle as well as with strong weekly resistance.

This trade is only active if/when BTC closes above the yellow horizontal support box and the 0.65 Fibonacci.

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Entry: 10021
Entry Zone: 9963- 10100

T1: 10234
T2: 10375
T3: 10489
T4: 10620
T5: 10780
T6: 111000
T7: 11457.5

Stop: 9547.0

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R:R: 3.03
Risk: 4.73%
Reward: 14.33%
Leverage: 4X
Leveraged Risk: 18.92%
Leveraged Reward: 57.32‬%

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Disclaimer:
This is not financial advice; I am not a financial adviser. This information is not meant to be used for financial advice, nor trade ideas. These posts are simply a record of my trade ideas and are intended for educational purposes only.

10 cze 2020

Uwaga

Volume has been declining through this consolidation. A breakout or a breakdown from this Ascending triangle is likely this week or by end of next at the latest. Make sure to set some reminders to you don't miss the move.

10 cze 2020

Uwaga

The measured move for the smaller Ascending Triangle can be considered 'hit' at this point. What we need to see now is a close above the 10K resistance area.

10 cze 2020

Uwaga

Here we see BTC on the Daily has been closing above the 10SMA and has been touching down to the 21EMA. I remain bullish as long as we continue to close above the 21EMA.

10 cze 2020

Uwaga

The big money that moves the stock market is called institutional order flow.

Order flow is the key driver which causes market price to move, buyers and sellers enter the market at different price levels by either supplying liquidity (via Limit orders) or consuming liquidity (via Market orders). When the liquidity balance is tipped, being more buyers than sellers (or vice versa) at a particular price level, the market will move until it reaches equilibrium again.

Here we can see institutional order flow selling hard at the $11,500 area. If we break $10,500, then I suspect we will see $11,500 next. However, I anticipate much stronger resistance at $11,500. As small fish in a big pond, it is prudent to anticipate institutional order flow and not to swing against the current.

If we do; however, start closign above $11,500, I suspect we will see much upside! 14K, 16K, 20K and beyond would be future targets!

Such an exciting time to be a trader!

10 cze 2020

Uwaga

Historical Volatility Percentile drops off a cliff at about $12,380. Expect price to rip when it gets above this area!