BTC price has been consolidating at highs as we await the imminent ETF approval announcement. At this point a bullish pennant pattern has formed and the daily bollinger bands have tightened, signalling that we will soon see volatility that triggers a breakout.In terms of targets, the fib extension of the chart pattern says 47.3k to 49k. I am keeping in mind however that Bitcoin has never exceeded the 61.8% retracement of the previous drawdown pre-halving. Although the ETF approval announcement could make things different this time. If we exceed 50k, buckle up lads.
Trade closed: target reached
Rejected at the 61.8 fib almost perfectly!
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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.