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Author Topic: Bitcoin (BTC) Price Watch: Waiting for a Triangle Breakout  (Read 26 times)
seje
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August 20, 2018, 08:46:55 AM
 #1

Bitcoin Price Key Highlights

Bitcoin price has formed higher lows and found resistance around $6,500 to create an ascending triangle pattern on its 1-hour chart.
Price is currently testing the resistance and is nearing the peak of the formation, so a breakout might be due soon.
Technical indicators are giving mixed signals on which direction the breakout might take.
Bitcoin price is consolidating inside an ascending triangle pattern and might be due for a breakout in either direction soon.

Technical Indicators Signals

The 100 SMA is above the longer-term 200 SMA to signal that the path of least resistance is to the upside. This suggests that an upside break is more likely to occur than a break lower. Also, the moving averages are near the triangle bottom to add to its strength as a floor around $6,400.

RSI is heading lower to signal that selling pressure is in play and that resistance would likely hold for now. Stochastic is also in the overbought region and turning lower suggests a pickup in bearish momentum. The chart pattern is around $600 in height so the resulting rally or selloff after a breakout could be of the same size.

BTCUSD Chart from TradingView
Market Factors

Bulls continue to defend long-term support levels for bitcoin, so there’s a strong chance that the floor won’t be giving way anytime soon. Buyers now have another attempt to spur a larger rebound, possibly one that could last longer on a break of nearby resistance levels.

The anticipation for the SEC decision on the bitcoin ETF applications put on hold is building up as the end of the month nears and September approaches. However, a denial could still lead to another round of losses for bitcoin and its peers while approval might see sustained gains.


https://www.newsbtc.com/2018/08/20/bitcoin-btc-price-watch-waiting-for-a-triangle-breakout/
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moschinot
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August 20, 2018, 08:56:17 AM
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I think that we will lose very much before going up. so I wait for the price reduction in a month
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August 20, 2018, 01:48:18 PM
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I think that we will lose very much before going up. so I wait for the price reduction in a month
I would dread for that to happen.. we need a new high point
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August 20, 2018, 01:59:24 PM
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at times like this TA is not going to work at all because the entire market is waiting for a certain news so that they can act based on that news not based on the charts or whatever else.

in this case that news is ETF. the short term future of bitcoin price will be determined with this news. for instance if it is rejected we will see a drop and if it is approved then we will see a rise and all the TA you put in so far becomes useless in both cases.

after this nonsense then you may restart using TA again although it still wouldn't be that useful but it would be better.

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