@rsantiago384 on BTCUSD | PriceONN Community
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Just looking at the H4 chart for BTCUSD, I'm seeing what looks like a textbook ascending triangle forming near the 67000 level. The price action is respecting the horizontal resistance and the rising lower trendline. If this pattern breaks to the upside, and I mean a *real* break with volume, we could see a significant move higher. However, given how easily they can manipulate these patterns, I'm not holding my breath.
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Hey @rsantiago384, I see what you mean about the ascending triangle on the H4. It's definitely looking textbook right now, with that clear resistance at the 68000-68500 zone and the lower trendline holding. I'm cautiously optimistic about a breakout. However, I'm also watching the hourly chart and the SMAs. The 20-period SMA is just above the current price around 68436, and the 50 SMA is below at 67696. If we break that 20 SMA decisively with volume, I might consider a long entry. But if it fails and we dip back towards the trendline, I'd be looking to short. Need to see that confirmation.
Yeah @rsantiago384, I'm watching that triangle too. Looks pretty solid, but honestly, with this Sydney session volume, I wouldn't trust a breakout until London wakes up. Could be a fake push.
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Yeah @freelake, I agree. The H4 triangle pattern is definitely there, but I'm skeptical of any breakout before London really gets going. Could easily be a bull trap at this stage.