BTCUSD, Short-term, Ascending Triangle & Range...
It is simple, waiting for break out and retest.
Current range seems to be a Wyckoff distribution, which we had the UTAD event with the recent fake out. And if BTC breaks down the ascending triangle we will see another SOW (sign of weakness) and a test of range low again. Not to mention a Wyckoff distribution or accumulation can have multiple tests of range high and low so once again breakout is important.
In my opinion breaking out of 10k will take BTC to 11k and 11.5k. We should see strong rejection then.
If this scenario happens 11.5k and 10.5k will be important levels to watch for confirmation of rest of the trend.
On the bear hand, 6k-6.4k can be achieved after breaking 8.2k-8.5k, where we have multiple CME gaps on the way down waiting to be filled.
Good luck...
Current range seems to be a Wyckoff distribution, which we had the UTAD event with the recent fake out. And if BTC breaks down the ascending triangle we will see another SOW (sign of weakness) and a test of range low again. Not to mention a Wyckoff distribution or accumulation can have multiple tests of range high and low so once again breakout is important.
In my opinion breaking out of 10k will take BTC to 11k and 11.5k. We should see strong rejection then.
If this scenario happens 11.5k and 10.5k will be important levels to watch for confirmation of rest of the trend.
On the bear hand, 6k-6.4k can be achieved after breaking 8.2k-8.5k, where we have multiple CME gaps on the way down waiting to be filled.
Good luck...
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