Hello fellow traders! Bitcoin just performed a breakout move of the Symmetric Triangle resistance, as described in the last BTC post. But don’t get excited yet! We still need some confirmation to validate the breakout. Here are the requirements for an insure breakout:
1. The MA 75 resistance needs to be broken
The 75-period as described in the last post acts currently as a resistance. If this breaks, this means that the breakout is really strong and that we can expect a fly to the sky scenario.
The criteria we have confirmed for the breakout:
2. The upper resistance of the triangle has been penetrated
The most basic criteria. Check.
Okay. I can still give you extra reasons this breakout is strong. Not a criteria, but supportive:
1. Corrective wave beforehand.
If you can see the red wave on the chart, you will notice that it is a correction wave.
Interesting :D. Now, after the breakout, where will prices go? Well if you plot the “Cyclic Time” tool from the first 2 tops in the chart above, we can notice that it calls a top EXACTLY every 7 days. Interesting. That being said, we can predict the next top will be called 4 days, from this time of writing.
Hooray, guys! Thanks for reading! Don’t forget to like and follow for more. Also, if you can, please donor some coins. Thanks in advance!
Also, read some more content below: