BTC is in a clear multi-week symmetrical triangle pattern, consolidating between the low 70s and low 60s. Many traders seem to be preparing for a move downward, but I think we will see the opposite. Bitcoin has bounced on the lower trend line of the triangle pattern, confirming a third touch. Bitcoin is also back above its long-term uptrend support line after losing it for the past few days. Institutions are also piling on shorts for Bitcoin, and we have seen a clear trend in this bull market—that overleveraged players will get wiped out. Their shorts are our fuel to pump.
Wait for a breakout, and then 80K+ is the short- to medium-term target.
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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.