BTC is currently trading within this ascending triangle. Based on statistical data, on average, a breakout occurs 61% of the way into the triangle. We are currently trading about 70% inside the triangle. This data, in addition to the low volume and volatility, all indicate that we are moving closer towards a breakout.
A breakout can happen either way, but here's why the upside is the most likely target:
In the event of a break upside, there is not much resistance above us. So prepare to enter a long position and take profit anywhere around $8152.
$8152 is 5% above the breakout point. On average, only 13% of ascending triangles will fail to produce a 5% gain post-breakout. So it's a relatively low-risk entry.
A breakout can happen either way, but here's why the upside is the most likely target:
- On average, ascending triangles break upward 70% of the time.
- I have drawn a bisector on my chart, which splits the triangle into two halves. The price spends more time within the upper half of the triangle, where it trades with lesser volatility and volume.
- Even after forming 5 higher lows, there is less consolidation at the bottom half. The bulls are doing a good job defending this area without losing steam.
In the event of a break upside, there is not much resistance above us. So prepare to enter a long position and take profit anywhere around $8152.
$8152 is 5% above the breakout point. On average, only 13% of ascending triangles will fail to produce a 5% gain post-breakout. So it's a relatively low-risk entry.
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