Βitcoin - BTCUSD
One of the most popular characters among retail traders, Dave Portnoy, may cause one of the biggest moves for Bitcoin price. He challenged two weeks ago the Winklevoss Twins to explain to him the mechanics behind Bitcoin price – and guess what? They accepted.
Dave is credited with most of the stock market moves lately. He makes trading stocks look like fun, has a green hammer to “magically” prop-up the stock market, and he often chooses the stocks to invest in from a scrabble bag.
Yes, he is a comedian – but one with millions of followers on social media, most of them active retail traders. As such, he is credited for creating massive inflows behind some big stock market moves, often being featured in financial media as the one leading an army of retail traders.
And now he talks Bitcoin price higher. Together with the Winklevoss twins, known in the investing community as big fans of Bitcoin, Portnoy goes into the digital cryptocurrency.
As such, new flows are expected into Bitcoin. On top of that, Bitcoin price is already bullish.
BTCUSD struggles at the $12,000 level but consolidated against horizontal resistance. Whenever this happens, and the ascending triangle is the first thing that comes to mind.
First, think of an ascending triangle as forming during a rising market. As Bitcoin price broke higher after consolidating for a while below the $10,000, that is your rising market.
Second, an ascending triangle needs a horizontal base. The $12,000 level acts as such a base, with the price building energy to pop higher.
Finally, an ascending triangle’s measured move is the length of its longest wave projected from the breakout point. For the stop loss, use the opposite trendline. As such, the entry on the long side is at $12,000, targeting $14,000 and a stop at $11,250.
