Home Forex Market Analysis Forex Signals Bitcoin Breaks the triangle formation to the Upside

Bitcoin Breaks the triangle formation to the Upside

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The Setup

Bitcoin has been creating a consolidation range after the extensive bullish impulse made on April 29. The consolidation is also within the upward channel. Lately, the price is making a breakout of the triangle, and above the $9,000 resistance level. Also, the MACD made a bullish crossover, and the RSI is progressing and touching the 60 level.

Also, BTC price moves above its 20-, 50- and 200-period SMA which means the underlying trend is up.

A trading plan can be made, assuming the continuation of the bullish trend, with an entry above the current price of $9,100, with a stop below the recent low, and betting that at least the price will try to hit the last high of $9,442

The key levels

  • Entry buy: 9,102
  • Stop-Loss: 8,802
  • Profit target: 9,442

Risk and Reward

This trade has a $300 risk and $340 profit. for every bitcoin unit.

Reward/risk = 1.13

We recommend taking no more than 0.1 BTC for every $1000 in your account.

 

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