Bitcoin Moving Sideways Forming an Ascending Triangle
Bitcoin moving sideways away from its rising wedge and now forming and ascending triangle by moving sideways.
Looking at level 2 order book, there is a strong bid around 8800 and strong ask around 9100
An ascending triangle implies that the price will either breakout or breakdown.
The tail of each candle is hitting on the highs. A good sign that it is more likely to breakout.
The resistance at 9000 likely to be weak due to candle hitting highs few days ago and bears may already got out after the crash, but there may have some big bears hiding in the woods aiming to sell.
A good entry would be around 8800 with stop loss around 8600
If it goes down, there are supports around 8500 and a strong support on 8200
Looking at level 2 order book, there is a strong bid around 8800 and strong ask around 9100
An ascending triangle implies that the price will either breakout or breakdown.
The tail of each candle is hitting on the highs. A good sign that it is more likely to breakout.
The resistance at 9000 likely to be weak due to candle hitting highs few days ago and bears may already got out after the crash, but there may have some big bears hiding in the woods aiming to sell.
A good entry would be around 8800 with stop loss around 8600
If it goes down, there are supports around 8500 and a strong support on 8200
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