BTC to BREAK OUT of Symmetrical Triangle but be WARNED
Bitcoin has had a pump from 44k to 48k but there are things you need to watch about. I will talk about the bullish news so firstly, we could expect a breakout to the upside with the target at the psychological level of 50k.
The bearish news I have first is the volume is decreasing. This could be absolutely normal since there's not much volume in the weekend but IMO (in my opinion), I need more volume to confirm a breakout. Secondly, this could be a part pattern (price action manipulated) because there's not much volume. Thirdly, we could just break down and have a retest to the symmetrical triangle as resistance before dropping down to the target of 46k which has been proving strong resistance and now is support.
The last thing I have is IF we have a breakout to the upside, we will have to destroy the sell wall 48.5k as you can see in the chart. I think if we do break that sell wall, I'd say it's clear skies until the psychological resistance of 50k. And also, there is a bearish divergence on the RSI.
Stay safe and trade money you can afford to lose!
The bearish news I have first is the volume is decreasing. This could be absolutely normal since there's not much volume in the weekend but IMO (in my opinion), I need more volume to confirm a breakout. Secondly, this could be a part pattern (price action manipulated) because there's not much volume. Thirdly, we could just break down and have a retest to the symmetrical triangle as resistance before dropping down to the target of 46k which has been proving strong resistance and now is support.
The last thing I have is IF we have a breakout to the upside, we will have to destroy the sell wall 48.5k as you can see in the chart. I think if we do break that sell wall, I'd say it's clear skies until the psychological resistance of 50k. And also, there is a bearish divergence on the RSI.
Stay safe and trade money you can afford to lose!
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