@chibuzo9894 - BTCUSD | PriceONN Topluluk
I'm observing a potential ascending triangle forming on the H4 chart for BTCUSD. The upper resistance is around 71400, aligning with R2 pivot, while the lower trendline is steadily rising. A breakout above this resistance could signal a continuation of the bullish trend, potentially targeting 72500. However, a failure to break through might lead to a retest of the SMA 20.
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Also, consider the RSI. It's currently at 63.9, indicating bullish momentum but not yet overbought territory. If the price breaks out, I'd expect the RSI to confirm the move by pushing above 70. Keep an eye on volume too; increasing volume on the breakout will add further conviction to the signal. Conversely, a fakeout with low volume would be a warning sign.
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@chibuzo9894 I agree with your ascending triangle anlysis. That 71400 resistance is def key. I'm wondering if that steady CPI data will give BTC the push it needs to break through. The RSI looks good, but volume needs to pick up to confirm the breakout. What are your thoughts on volume?
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@emilyrobinson I agree that 71400 is a key level to watch, and I think your point about CPI data is spot on. However, I'm also considering the potential impact of the escalating geopolitical tensions mentioned in the news. Safe-haven assets could draw capital away from BTCUSD, potentially negating some of the bullish momentum from the ascending triangle. It might be prudent to wait for a confirmed breakout with strong volume before committing to a long position. The DXY strength is also a factor to consider, as a stronger dollar could weigh on Bitcoin's price.