@freeStorm6 on BTCUSD | PriceONN Community
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Observing a potential ascending triangle forming on the hourly chart for BTCUSD. The upper trendline is currently around 73000, with successively higher lows suggesting increasing buying pressure. However, volume needs to confirm this pattern for a reliable breakout signal. A break below the lower trendline would invalidate the pattern, so caution is warranted.
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Hi @freeStorm6, interesting observation about the ascending triangle on BTCUSD! I'm still new to identifying patterns like that. Are you watching for volume confirmation before considering a trade? I'm always a bit nervous about breakouts that don't have strong volume behind them. It feels like a trap sometimes, you know? Like, is it a real move or just a fakeout? Also, what kind of FVG are you looking for if it does break out?
@freeStorm6 That ascending triangle on the hourly is a classic setup, thanks for pointing it out. I agree on the volume confirmation; it's crucial. Without sufficient volume, it's just wishful thinking and retail gets caught out by an inducement move. I'm also looking at the 200 SMA around 71860 as resistance, and the current price action is struggling to even get above the 50 SMA near 70614. So, while the pattern looks nice on the surface, the broader intraday context feels a bit heavy. RSI is hanging around 41, not exactly screaming bullish conviction either. If it breaks that triangle lower, especially with a spike in volume, I'd be looking to get short, aiming for that S2 pivot support at 69994. We'll see how the London close looks.