BTC/USD
Bitcoin is potentially nearing the completion of a Running Triangle and setting up possible Long scenarios to consider.
Currently we have seen a reaction at the 1:1 extension, potentially presenting a Long opportunity at the current market price with a stop below the 1.618 @ $53,485 or a complete invalidation point @ $50,550. Comparatively, this is the more risk heavy trade setup with volatility towards the downside and less support.
Therefore my bias leans towards an entry more towards the 1.236 - 1.382, with a closer invalidation point as well as support near the bottom of the trendline. However, Running Triangles tend to lean more Bullish with reactions from shallower extensions - potentially indicating that Bitcoin is nearing a point for continuation higher.
Currently we have seen a reaction at the 1:1 extension, potentially presenting a Long opportunity at the current market price with a stop below the 1.618 @ $53,485 or a complete invalidation point @ $50,550. Comparatively, this is the more risk heavy trade setup with volatility towards the downside and less support.
Therefore my bias leans towards an entry more towards the 1.236 - 1.382, with a closer invalidation point as well as support near the bottom of the trendline. However, Running Triangles tend to lean more Bullish with reactions from shallower extensions - potentially indicating that Bitcoin is nearing a point for continuation higher.
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