Bitcoin Ascending Triangle. Target previous all time high, 20k

Bitcoin appears to be in an Ascending Triangle Formation on the 4 hour timeframe, which is a bullish pattern, suggesting it will more than likely break up than down. In addition to this, there has been a TK recross circled in black. Although this recross happened within the cloud and not above it its still a nice bullish signal.

Fibbonacci extension says 1.61 extension would be 20k which is right around the previous all time high which would make sense.

If you want to trade this, recommended entry targets and stoploss are as follows

Entry- Above $16,500

Target- $20,000(21% gain)

Stop loss- $15,250(7.5%)

Approximately 3:1 risk to reward ratio.

If the price does break up, with the bullish ichomoku signals etc, I wouldnt be surprised if bitcoin surpasses the previous all time high.

Anulowano zlecenie:

The uptrend line was broken and so this particular formation did not play out but thats ok because we didnt hit our entry criteria so there would be no loss incurred on this. Bitcoin appears to be ranging or consolidating at the moment. looks like it hit a double bottom on the chart at $11,700 for now which is providing a nice support level.