BTC#35 -- 01/09/2021 Huge Symmetrical Triangle!

٩ يناير ٢٠٢١

Hello together,

enclosed as always is my daily update on the BTC price.

Right now we are cosniling between $39,000 and $41,000. We had a trade open this morning after breaking through our Bearish resistance (White line). Unfortunately, we were unable to confirm our W Pattern and realized profits at around $41,100. Again, this was the right decision. I had then moved my SL to my break even so that I no longer had any risk and was then topped out. Was completely ok for me, since we could already realize good profits as already mentioned.

How does it go on now:

I have now drawn a large symmetrical triangle on the 1h chart (orange). At the moment it really looks like we are forming a huge chart pattern. Our support line (below orange) must therefore hold. I expect a breakout here by noon tomorrow at the latest. In my opinion, that will set our direction. If we break out to the upside, our price target is around $45,000. To the downside, we would probably fall to $36,000, which would be right testing our long standing support.

I am very cautious about trading BTC at the moment. It is very difficult to accurately predict the price movement. I will now also rather hold back and look for a good entry. If necessary, a breakout from the large symmetrical triangle.

Do not take unnecessary risk at this stage of the market. I know, one always has the feeling to miss something, especially when we rise so quickly. But believe me, at the moment it is better to plan your trades carefully to take as little risk as possible! :)

Stay healthy and sry that today comes so late an update.

Your Schueco

P.s.: As always do not forget to liken and follow, so you do not miss anything!