Direct from the desk of Dane Williams.
Hey team,
Goodbye $50,000!
After Bitcoin broke out of the hourly ascending triangle the other day, price action has been quite interesting.
Interesting, but as I always show on the blog, highly technical.
Take a look at the updated Bitcoin hourly chart below.
BTC/USD Hourly:
You can see that the breakout of the ascending triangle was a little messy in that it broke out and pulled back to the trend line before breaking out again.
This made our day trading position a little more messy than I would have ideally liked...
But if you've in markets for any more than 5 minutes, you will no doubt have worked out that nothing turns out as it should in an ideal world.
Trading is much more an art than a science and nothing should be treated exactly like it says in a textbook.
Remember, the whole reason we have a market to trade at all is because of the inefficiencies that the human participants generate.
Just like we see here with this slightly slower ascending triangle breakout.
Now let's zoom back out and take a look at the bigger picture on the Bitcoin daily chart below.
BTC/USD Daily:
Look at how bullish this bad boy is.
Just wow.
You can see that after the previous breakout of resistance, price retested the zone as support before making the next step higher again.
What're your thoughts on a pullback to retest this latest zone and will you be buying?
Best of probabilities to you,
Dane.
FOREX BROKR | LeoFinance Blog
Daily market analysis.
