Last time, BTC bounced off our 200 MA and retested our diagonal resistance but was still rejected (last post). Three days later, it returned to the 200 MA. In this move, we noticed another pattern forming within the larger pattern, which is common. I’ll be watching for a potential breakout here. As I mentioned before, I plan to trade this breakout the same way: waiting for volume confirmation and market entry. If the price becomes choppy, I might wait for a retest before opening a long position. Here’s the idea
My ideal stop loss would be a clear rejection for BTC or a solid close below, indicating a return to the original pattern. The first target is the pattern's target at 68,031.6, the second target is 70,090, and the final target is the top of the pattern at 73,881.
I'm also observing another pattern, a double bottom. If we trade this one similarly with a breakout, I'll wait for volume or a retest. The pattern target for this is 66,855. However, we can’t ignore that Bitcoin is approaching our resistance, which could invalidate these patterns. Let’s wait for the market and react accordingly.
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$BTC