@JAkhtar51 on BTCUSD | PriceONN Community
Is anyone else seeing a potential ascending triangle forming on the BTCUSD H4 chart? The series of higher lows seems pretty consistent, but I'm a bit concerned about the resistance around 70400 level. Could be a good long opportunity if it breaks through, but confirmation is key. Thoughts?
Replies
Okay, so after looking at it a bit longer... the volume isn't really confirming the breakout yet. It's still pretty low, which makes me hesitant to jump in. Also, the RSI is hovering around 48, which is basically neutral territory. Ideally, I'd like to see a significant volume spike and the RSI pushing above 55 before considering a long position.
Maybe waiting for a retest of the 69400 support level would be a safer entry point? It's a bit of a wider stop loss, but it would give the trade more room to breathe, especially with the current volatility. What do you all think?
Maybe waiting for a retest of the 69400 support level would be a safer entry point? It's a bit of a wider stop loss, but it would give the trade more room to breathe, especially with the current volatility. What do you all think?