Good evening, FC community! The market remains a tough battlefield, particularly punishing for those who opted to go short—many are facing stop-outs and liquidations. As highlighted in my previous post, exercising extreme caution is advisable, perhaps even considering a pause in trading activity.
In today's analysis, Bitcoin has formed a striking ascending triangle pattern. Historically, these patterns are prone to breaking upward, though they often include a deceptive breakout initially to mislead traders. While longer timeframe indicators suggest a potential downtrend, the 15-minute chart indicates a rally might be brewing. The stochastic indicator is signaling overbought conditions, yet the MACD is tilting towards a bullish momentum, suggesting a possible push upwards.
Should I decide to enter a position based on current patterns, my strategy would lean towards a long position targeting $60,500. However, remember, this is merely my opinion and not financial advice. @BTC @Verified (edited)
In today's analysis, Bitcoin has formed a striking ascending triangle pattern. Historically, these patterns are prone to breaking upward, though they often include a deceptive breakout initially to mislead traders. While longer timeframe indicators suggest a potential downtrend, the 15-minute chart indicates a rally might be brewing. The stochastic indicator is signaling overbought conditions, yet the MACD is tilting towards a bullish momentum, suggesting a possible push upwards.
Should I decide to enter a position based on current patterns, my strategy would lean towards a long position targeting $60,500. However, remember, this is merely my opinion and not financial advice. @BTC @Verified (edited)