Just a minor update for BTCUSD on the daily chart.
Put some simple horizontals and the descending triangle we are currently in. I could extend the triangle but IMO the consolidation area I started the upper resistance from is good enough lol.
Thinking if we can break bullish from this pattern, we have a decent resistance at the red line, if passed then there are 2 volume nodes above that seemed to have held their significance so far.
The bearish break would see back down towards $26K region. Reasoning for this is the measured move although I don't think it will fall that far but the purple lines are major support we need to hold otherwise BTC goes down high teens.
(Personal opinion)
Put some simple horizontals and the descending triangle we are currently in. I could extend the triangle but IMO the consolidation area I started the upper resistance from is good enough lol.
Thinking if we can break bullish from this pattern, we have a decent resistance at the red line, if passed then there are 2 volume nodes above that seemed to have held their significance so far.
The bearish break would see back down towards $26K region. Reasoning for this is the measured move although I don't think it will fall that far but the purple lines are major support we need to hold otherwise BTC goes down high teens.
(Personal opinion)
Note
Seems the red line is holding as resistance early on Sunday, CME open tonight and they closed bullish on Friday. Market has seemed super bullish over the weekend although I do expect a gap, I think it will get filled early next week
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.