Right now on the 4H we have an ascending triangle with resistance around 34,250. That level has been a pivot point over the past two weeks and following Bitcoins crash overnight we can see it struggling to close a candle above the resistance level. We can see the bottom of the candles getting shorter and shorter which gives me faith, as well as this pattern typically being bullish. If we break this we will go soaring again, however if we fall below we could see a significant drop like we did this morning.
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We are closing candles above resistance, this is great news and probably could lead to a breakout today!
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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.