FXEMPIRE
All
Ad
Corona Virus
Stay Safe, FollowGuidance
World
44,145,449Confirmed
1,169,667Deaths
32,350,904Recovered
Fetching Location Data…
Advertisement
Advertisement
Marc Principato
BTC/USD

These triangle formations tend to serve as trend continuation patterns and since the broader trend is bullish, probability favors a break higher. It is just a matter of the right catalyst.

We entered a new swing trade long at 10,675 and have placed a stop in the low 10Ks to mitigate risk. IF price can take out the consolidation resistance of around the 10,850 area, it is possible to see a short squeeze into the mid to high 11Ks. The current minor bearish movements have a tendency to lure many shorts that are betting against the broader trend. When new buyers enter the market, these shorts will be forced to cover and it is this combination of buying activity that can move price higher quickly.

IF price breaks the consolidation support by clearing the 10,200 area, it is within reason to see a test of the 9850 support. We will be stopped out, BUT looking for a new long position in this area since any bullish reversal patterns here will establish a double bottom or failed low setup.

If you have any questions, please feel free to reach out. Also for our swing trade signals and 7 day free trial, visit here.
Advertisement
Don't miss a thing!
Discover what's moving the markets. Sign up for a daily update delivered to your inbox

Trade With A Regulated Broker

  • Your capital is at risk
IMPORTANT DISCLAIMERS
The content provided on the website includes general news and publications, our personal analysis and opinions, and contents provided by third parties, which are intended for educational and research purposes only. It does not constitute, and should not be read as, any recommendation or advice to take any action whatsoever, including to make any investment or buy any product. When making any financial decision, you should perform your own due diligence checks, apply your own discretion and consult your competent advisors. The content of the website is not personally directed to you, and we does not take into account your financial situation or needs.The information contained in this website is not necessarily provided in real-time nor is it necessarily accurate. Prices provided herein may be provided by market makers and not by exchanges.Any trading or other financial decision you make shall be at your full responsibility, and you must not rely on any information provided through the website. FX Empire does not provide any warranty regarding any of the information contained in the website, and shall bear no responsibility for any trading losses you might incur as a result of using any information contained in the website.The website may include advertisements and other promotional contents, and FX Empire may receive compensation from third parties in connection with the content. FX Empire does not endorse any third party or recommends using any third party's services, and does not assume responsibility for your use of any such third party's website or services.FX Empire and its employees, officers, subsidiaries and associates, are not liable nor shall they be held liable for any loss or damage resulting from your use of the website or reliance on the information provided on this website.
RISK DISCLAIMER
This website includes information about cryptocurrencies, contracts for difference (CFDs) and other financial instruments, and about brokers, exchanges and other entities trading in such instruments. Both cryptocurrencies and CFDs are complex instruments and come with a high risk of losing money. You should carefully consider whether you understand how these instruments work and whether you can afford to take the high risk of losing your money.FX Empire encourages you to perform your own research before making any investment decision, and to avoid investing in any financial instrument which you do not fully understand how it works and what are the risks involved.
FOLLOW US