BTC ascending triangle forming?
Updated
BTC has continued to show its resistance from a further plummet for about a day now. From what I can tell in my opinion (as always, never advice), BTC price looks to potentially be forming a bullish ascending triangle in the short term (solid green lines) right around a Fibonacci resistance level from the last dip.
If the trend continues with a candlestick close above around 51.177K, that would also give a nice dragonfly doji on the daily chart, potentially indicating a reversal for at least a few days. There has also been some bullish reversal divergence (green line on MACD), so this too could continue indicating a reversal.
Nothing is guaranteed however, and a breakdown from the current support (green line) could easily break downward toward 44-46K (as indicated by the red channel support trend line). And even if a breakout upward does occur, there are still quite a few layers of resisting trend lines around 52.5K (near the dotted yellow trend line) and strongly near 54K (near the red line representing upper descending channel's resistance).
It should be interesting how it turns out, but please like if you agree or leave me a comment if you see any mistakes or see anything to the contrary as your opinion is always welcome.
If the trend continues with a candlestick close above around 51.177K, that would also give a nice dragonfly doji on the daily chart, potentially indicating a reversal for at least a few days. There has also been some bullish reversal divergence (green line on MACD), so this too could continue indicating a reversal.
Nothing is guaranteed however, and a breakdown from the current support (green line) could easily break downward toward 44-46K (as indicated by the red channel support trend line). And even if a breakout upward does occur, there are still quite a few layers of resisting trend lines around 52.5K (near the dotted yellow trend line) and strongly near 54K (near the red line representing upper descending channel's resistance).
It should be interesting how it turns out, but please like if you agree or leave me a comment if you see any mistakes or see anything to the contrary as your opinion is always welcome.
Note
I was a little overzealous and a wedge has formed instead and no doji as I had hoped. I suppose that is what I get for trying to predict rather than analyze. There is also some bearish divergence I may write about shortly as well, but the trend is starting to show less of a positive trend from what I can see.
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