Bitcoin Update 20th January 2021
Continue with previous Bitcoin update.
As mentioned in that post, BTC is going up and down in the big triangle pattern where most traders don’t like to trade unless and until Bitcoin touches the edge of the triangle with the good risk per rewards (R:R).
A big Triangle pattern is Symmetrical Triangle pattern which generally meant as
If we see the 4 hours chart Bybit BTC USD, the same pattern has been identified, but this time we have lost the triangle edge and heading towards the green box support zone. Now the question is what if $34k – $35k level got broken? That’s the question for a matter of time. But now I can say that some time symmetrical triangle got busted (we can say fakeout) and start continues as the regular chart pattern perform.
Link to Image: https://www.tradingview.com/x/U8QcPi6b/
For this time I would only wait for final confirmation of breakdown from current support zone. If that happens, we will go short for sure. In case, Bitcoin is holding the support zone then we should go for long only when there is a breakout above the triangle. That’s all for now. I hope you will act according to the update.
Wait, let me show you another image, I have found clear and 90% same fractal from 2019-2020. You can see in the below image.
Link to Image: https://www.tradingview.com/x/lp84cUQi/
Blueline is the current status of the Bitcoin inline chart while the dark green line is a fractal line which found in 2019 2020 time. Read more in the announcement section of the website. Signup now