BTC breakout imminent
In those last days BTC price is squeezing in a perfect symmetrical triangle and can be broken anytime, we are sitting perfectly on the weekly support (blue line) and as I draw before in the green box this is a zone of possible strong buy activity right now and in the near future
On the 4hr the exponential resistance continue to reject the price and volume are dropping, we are near to a point where the volume will spike in one direction or the other.
Is worth to remember that we are still in bearish market with an RSI on 1D chart just recovered from oversold, so potentially it could go down to test the 6000$
6000$ level is reached we have to keep eyes open for signals of reversal, this level is really critical for bitcoin since we will retest the bottom reached on 5 Feb.
If it fails to bounce up the market could go in panic and freefall to the next weekly support around 4700$
Anyway we will get a clear direction when the price will break upward to 6750$ or downward to 6300$, wait for good setup because trading before the breakout is pure gambling
On the 4hr the exponential resistance continue to reject the price and volume are dropping, we are near to a point where the volume will spike in one direction or the other.
Is worth to remember that we are still in bearish market with an RSI on 1D chart just recovered from oversold, so potentially it could go down to test the 6000$
6000$ level is reached we have to keep eyes open for signals of reversal, this level is really critical for bitcoin since we will retest the bottom reached on 5 Feb.
If it fails to bounce up the market could go in panic and freefall to the next weekly support around 4700$
Anyway we will get a clear direction when the price will break upward to 6750$ or downward to 6300$, wait for good setup because trading before the breakout is pure gambling
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