After Bitcoin printed the clean ascending triangle on the hourly that we spoke about on the blog yesterday, let's do a quick update on the setup.
Here's a refresher from yesterday's blog, featuring the scenario I was looking for on the hourly chart and a bit of an explainer:
That's right, price has only one place to go and that's vertically up.
It's on these breakouts that most traders will try to take advantage, but if you're an aggressive trader, you may be able to get in early as close to a higher low as you can.
Now take a look at the updated Bitcoin hourly chart featuring the price action since:
BTC/USD Hourly Updated:
As you can see, price made one final higher low before ripping straight through the top of the triangle.
We were literally watching the sellers running out of steam in front of our eyes.
With every push down, they were getting weaker and weaker until there were no sellers left.
By then, then only place for price to go was vertically up, and we got that nice momentum breakout through the top of the triangle as a result.
If you're going to add one trading pattern to your repertoire, then ascending/descending triangles should be it.
They're reliable and best of all offer amazing risk:reward, especially if you aggressively look for an early entry, just before the breakout.
Did anyone else in the LeoFinance community get on board this trade?
Best of probabilities to you,
FOREX BROKR | LeoFinance Blog
Daily market analysis.
Posted Using LeoFinance Beta