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Sunday, August 9, 2020

Bitcoin: Triangle Chart Pattern and New Trade Signals

Bitcoin: Triangle Chart Pattern and New Trade Signals

XBT / USD KRAKEN:XBTUSD

The price is moving sideways in the borders of a triangle chart pattern. We have a consolidation period, which will be changed by a new price movement.

I expect to see a breakout below the bottom line of the triangle. It will give a bearish signal with the targets at SMA100 and SMA200. The support zone at 10 000USD will be good for a reversal signal and opening long positions. MACD and RSI are bearish and support a possible downward movement. DMI is bearish as well.

If the price breaks the upper line of the triangle and moves above 12 000USD, it will be a bullish signal. The buyers will confirm their interest in pushing the price upward. The uptrend will be continued with the profit targets at 14 000USD and 16 000USD.



Disclaimer!
This post does not provide financial advice. It is for educational purposes only! You can use the information from the post to make your own trading plan for the market. But you must do your own research and use it as the priority. Trading is risky, and it is not suitable for everyone. Only you can be responsible for your trading.



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