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In a previous analysis we pointed out a triangle pattern in play for Bitcoin. In my analysis I pointed out that a break above the upper triangle boundary would be a bullish signal and price could go towards the blue rectangle target area near $10,700.
Blue rectangle- bullish signal target
Green rectangle -bearish signal target
In my analysis I suggested that traders should be patient and wait for the signal. Wait for the break out. The break out was to the upside and price is now above $10,200 getting closer to our target. The first target is at the $10,700 area with potential to move even higher. Traders should now raise their protective stops right at the point of the break out. So the risk for this trade is now zero.
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