BTC: Ascending Triangle Breakout
Trade setup: Bullish breakout from an Ascending Triangle pattern, above 45K resistance, indicates that buyers have now absorbed supply from sellers around this key level and price is ready to resume its Uptrend, with upside to 50K. Stop Loss (SL) level at $41,300 (just below the prior swing low).
Trend: Neutral on Short-Term basis and Uptrend on Medium- and Long-Term basis.
Momentum is Mixed as MACD Line is below MACD Signal Line (Bearish) but RSI > 55 (Bullish). MACD Histogram bars are rising, which suggests that momentum could be nearing another upswing.
Support and Resistance: Nearest Support Zone is 38K (previous resistance), then 35K. The nearest Resistance Zone is 45K, then 50K.
Trend: Neutral on Short-Term basis and Uptrend on Medium- and Long-Term basis.
Momentum is Mixed as MACD Line is below MACD Signal Line (Bearish) but RSI > 55 (Bullish). MACD Histogram bars are rising, which suggests that momentum could be nearing another upswing.
Support and Resistance: Nearest Support Zone is 38K (previous resistance), then 35K. The nearest Resistance Zone is 45K, then 50K.
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