Welcome to my current Bitcoin course analysis! Yesterday, the BTC price finally managed to close above the $ 7,000 mark. This marks an important achievement and if the Bitcoin price can stay above this level, we should be happy with at least short-term further green figures. But how safe is this scenario really? How should traders behave in this situation? What needs to be considered?
I would like to get to the bottom of exactly these questions in this Bitcoin course analysis. We’ll look at the Bitcoin Chart and analyze what information we can draw from it. So it will be exciting in any case and stay tuned as always. I wish you a lot of fun!
Attention: None of the formulations listed in this article represent trading recommendations in any way. This and the following articles only serve to exchange information with our readers. Neither CryptoMonday nor the author of this text is liable for losses incurred as a result of trading decisions by our readers. DYOR!
Bitcoin course still in the rising wedge?
The Bitcoin price finally closed yesterday above the $ 7,000 mark. This was actually an important achievement, as the BTC course bounced off this very limit several times before. It remains to be seen whether the Bitcoin price can stay above this level in the next few days or not. After all, the rising wedge formation is still in tact and a possible indicator that the Bitcoin price could slide down to $ 4,400 again in the next few weeks.
In fact, there remains a clear outbreak through the upper or lower trend line. But what characterizes this formation and how you can trade such a profitable, I already explained in my last Bitcoin course analysis. So if you’re interested, just take a look at the last analysis.
Call up Bitcoin course analysis via the Rising Wedge.
In this analysis, however, we want to consider an alternative possibility. What if the formation was not a rising wedge but a rising triangle?
The rising triangle and how to trade it
The rising triangle is one of the most meaningful formations. When it is dissolved, impulsive trend movements can usually be expected. We could have experienced exactly such a resolution yesterday. If this is confirmed, that would be bullish prospects for the Bitcoin price at least in the short term.
So if it is actually a rising triangle, our next price target could be around $ 9,200. To make this formation as profitable as possible, a pullback should be waited for. In the course of this, the Bitcoin price is led back to the upper trend line of the formation, from which it can begin its ascent. Starting at this point enables a better risk-reward ratio.
Due to the above-mentioned risk that this could also be a rising wedge and that the Bitcoin price may not be able to stay above the USD 7,000, it is essential to trade with a corresponding stop loss here.
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