From what we see now bitcoin is trying a breakout, a nice triangle has formed on the hourly and seems like BTC is trying to break its resistance.
We managed to break the 0.382 FIB retracement level but seems like bulls can’t really hold it.
One thing is clear, the volume is low and this usually suggests a short move, but all the moving averages show us a strong buy in the market.
Stoch RSI, MACD, ADX also suggest a long move.
We are trying to build a trade on multiple confirmation levels here, although these indicators are suggesting the market is going to move up, the triangle formations have the best accuracy rate in crypto, so i would wait for the triangle to break either way.
Long targets here would be TP1 11.2, TP2 11,650.
If we reach and keep 11,650, then 12k-13k is in the books.
Now in case the triangle breaks downwards, god forbid, as posted in the last trades, 9.9k is the first target, being a historical mark-up for crypto it should hold, if not I will follow up with more info.
All in all, my bias is long here, and i will try to find the best entry.
Bitcoin on the verge of a breakout? by RaizenR on TradingView.com