Bitcoin Market Update
Last night, Bitcoin tried to break out of the triangle pattern but was rejected at the $60K resistance. It fell back inside the triangle and is still within the pattern. We are now testing the top trend line and the Stochastic RSI is overbought, suggesting a higher chance of another rejection and a drop.
Current Observations
Both the RSI and MACD show sideways momentum, indicating uncertainty. The market could move in either direction.
Possible Outcomes
Rejection: Bitcoin could be rejected at $60K again and drop back to the support area I've highlighted.
Breakthrough: If Bitcoin breaks through $60K, we could see it rise to around $62K, completing the pattern's predicted movement.
Trading Strategy
Wait for confirmation of the breakout before trading. Set a stop loss at the top trend line.
Last night, Bitcoin tried to break out of the triangle pattern but was rejected at the $60K resistance. It fell back inside the triangle and is still within the pattern. We are now testing the top trend line and the Stochastic RSI is overbought, suggesting a higher chance of another rejection and a drop.
Current Observations
Both the RSI and MACD show sideways momentum, indicating uncertainty. The market could move in either direction.
Possible Outcomes
Rejection: Bitcoin could be rejected at $60K again and drop back to the support area I've highlighted.
Breakthrough: If Bitcoin breaks through $60K, we could see it rise to around $62K, completing the pattern's predicted movement.
Trading Strategy
Wait for confirmation of the breakout before trading. Set a stop loss at the top trend line.
Comment:
Idea played out perfectly