}
Daily closing above the resistance:
On the daily time frame chart the price action of Bitcoin broke out the resistance of symmetrical triangle and closed above the resistance.
Confirmation of breakout on 4-hour chart.
On the 4-hour chart, the priceline of the leading cryptocurrency also confirmed the breakout by using the previous resistance of the triangle as support and geared up.
For better understanding you can also watch the below video from my channel:
Dumped when people started buying.
Most of the traders used the above confirmation to long the Bitcoin. But exactly when the people started buying the Bitcoin after the breakout the Elon Musk again tweeted tagging the Bitcoin resulting in a sudden sell-off and in the next tweet, he also showed the price charts.
Sell target:
The technical price target of this symmetrical triangle was $50800.
Stop loss:
Now as the price action is moved back into the triangle the stop loss can be the recent swing low before the breakout which was $35500. This is the support of the triangle as well.
The sell-off volume:
This time on the daily time frame chart the sell volume is not as that high as we had on the 19th of May.
Conclusion:
Even after bad news and sell-off, the strong sell volume has not appeared and the price action did not hit even the stop loss of the symmetrical triangle however, if the sell-volume will be increased then the situation can be changed in favor of bears.
For more harmonic trading ideas you can join:
https://www.patreon.com/moon333
Link for Binance exchange, the best place to buy or sell Crypto:
https://www.binance.com/?ref=11256882
Note: Above idea is for educational purpose only. It is advised to diversify and strictly follow the stop loss, and don't get stuck with trade.