The Bullish Breakaway is a 5 or more pattern setup . It usually begins up with a large bearish candle down followed by 3 or more smaller bearish candles down. A clue is the candles will begin to get smaller as they move lower and the volume also drops.
This behavior is then followed on the 5th or 6th candle by a large Bullish candle up which attempts to reach the top of the first candle .
The bullish breakaway can recognized by the curving pattern it makes as in the example below
Also in this example
The Bullish Breakaway can also fail as in this example below on LINKUSD. So its not a guarantee of a trend reversal.
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For the Bullish Breakaway to play out BTC will have to close this week at or around 29200 . This will then close the week with a smaller candle than the previous week.
if the Bullish Breakaway does play out then to be considered a trend reversal BTC will have to produce a weekly green candle which closes above 38k
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Here is another example of a bullish breakaway on ETH which also failed
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And another Bullish Breakaway on LINKUSD which failed miserably
So in short, the reversal even if it's a failed one would bring btc to around 38k-ish right? For educational purpose, the trading strategy here would be to long (or buy spot for lower risk) and then close (sell) at around 38k and wait at the sidelines to wait for confirmation?
mycotoxin
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@Graindeer, on the weekly the resistance begins at around 36665 and it may be a good idea to take some profits and close trade around this level