Symmetrical triangle building on the 
BTCUSD Hourly charts (1, 4 & 6) entering the second day with expiry in the next 12 hours. Chart is a 4-hour. Current scenarios:
A) Breakout north above the resistance level of $6,800 after initial rejection. (Likely)
Note: This level has acted as strong resistance for nearly 4 weeks.
B) Breakout south bouncing off the support level of $6,250.
Note: This would create a head & shoulders pattern on the Daily charts. (Unlikely)
C) Breakout south crashing through $6,250, $6,000 as well as $5,750 with a target of $5.3-$5.4K.
Note: This would signal the continuation of down trend. (Likely)
Summary: Neutral playing field.
Daily RSI: 50
Risk: Very high
Reward: Medium
BTCUSD Hourly charts (1, 4 & 6) entering the second day with expiry in the next 12 hours. Chart is a 4-hour. Current scenarios:A) Breakout north above the resistance level of $6,800 after initial rejection. (Likely)
Note: This level has acted as strong resistance for nearly 4 weeks.
B) Breakout south bouncing off the support level of $6,250.
Note: This would create a head & shoulders pattern on the Daily charts. (Unlikely)
C) Breakout south crashing through $6,250, $6,000 as well as $5,750 with a target of $5.3-$5.4K.
Note: This would signal the continuation of down trend. (Likely)
Summary: Neutral playing field.
Daily RSI: 50
Risk: Very high
Reward: Medium
Trade active
Currently following Pattern A. Feeling more bullish but considering the price may fall into Pattern B before continuing upwards. Expecting continued rejection at $6,800.
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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.