Bitcoin setting up for massive breakout
Bitcoin chart formed a impulse-correction in form of a triangle. We can see the lower part of the triangle sloping upwards showing bullish pressure. What we can expect is another impulse up out of this, of course, with bitcoin everything is possible so we do need to keep two things in mind:
1) To have the greatest chance of being right, waiting for an impulsive candle on the 4H out of the structure would increase the chances of being right. This would then be the start of the second impulsive leg.
2) There is a massive supply level above the triangle. We see a massive drop happened at this area. For this to occur, there needs t be more sellers than buyers. Most likely this was a chain reaction after a whale dumped and the algos reacted to this volatility by selling. There should be loads of stop losses above that area, meaning that if we do manage to not get rejected by that area we should see a massive move to the upside.
If you are in already like me, I recommend to just HODL :)
1) To have the greatest chance of being right, waiting for an impulsive candle on the 4H out of the structure would increase the chances of being right. This would then be the start of the second impulsive leg.
2) There is a massive supply level above the triangle. We see a massive drop happened at this area. For this to occur, there needs t be more sellers than buyers. Most likely this was a chain reaction after a whale dumped and the algos reacted to this volatility by selling. There should be loads of stop losses above that area, meaning that if we do manage to not get rejected by that area we should see a massive move to the upside.
If you are in already like me, I recommend to just HODL :)
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