BTC Daily Analysis! Bullish Triangle
today we are looking at BTC on the daily chart and we see a bullish triangle we ae currently breaking out of and we are trading still within this sideways box. We have a ton of open money sitting in multiple spots above and below the current price action. On the top and bottom sides of the bullish triangle we have money building up on both sides and we are currently breaking to the upside. My thoughts on this particular pattern is that it could quite possibly be a retail trader trap. We have lots of downside liquidity waiting to be taken out and what we could see here is a fakeout to the upside like we may be seeing right now before shooting down taking out bottom side liqudity before bouncing back to the upside and going for all of that liquidity. The reason why i favour this scenario is because it would cause max pain for retail traders and paper hand investors, another fast spike down would wipe out money and also strike massive fear into the eyes of investors. We have a red box drawn that shows a major level of resistance, we have the 236. FIB level we have the Pivot point and the R1 resistance, we do also have multiple EMA's in that zone aswell but i don't want to clutter the chart. On the upside we have a clear Imbalance shown by the green box that at some point will need to be filled. Finally a good target will be around 47.7K at the top of our box, we have been stuck within here and a break and close above that level will likely give us some major momentum to continue moving up! Not financial advice just my opinion!
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