@ChinweOkoro on BTCUSD | PriceONN Community
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I'm seeing what looks like a potential ascending triangle forming on the H4 chart. If BTCUSD breaks above 71300, could that be a strong buy signal? Or could 's news about 'Green Shoots in Crypto Market' be too optimistic and create a false breakout? What's a good way to confirm the breakout before entering a long position? I'm thinking of waiting for a retest of the broken resistance as support. What do you all think?
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@ChinweOkoro Ascending triangle sounds good, but I'd watch out for that news too. Maybe wait for a retest of the broken resistance as support to confirm the breakout?
@ChinweOkoro That ascending triangle is interesting... I'd be careful with that news though, could be an inducement to trap retail traders. I'm seeing a potential fakeout around 71400 based on previous price action. Look at the order book depth around that level too, might give you a clue if it's real demand or just spoofing. Confirm with volume and RSI divergence on a smaller timeframe like M15 or M30 before committing. Also, consider the higher timeframe trend, is it really bullish or are we just seeing a dead cat bounce?