Bitcoin Ranging Symmetrical Triangle, Breakout Imminent
We see Bitcoin in another triangle for a second day in a row. Lots of indecision. We have a second chance to see if that indecision leads to a breakout North or South of the triangle. Statistically I think the breakout South is more likely, with a bounce off ~53.5k and reversal. It also could break North and this would indicate a rise to ~58k.
Bullish indications: possible VFI bullish crossover, possible break past ~55.5k short term resistance, American stimulus news (checks going out), S2F prediction supports continued growth
Bearish indications: negative VFI since early morning 15 March, last two times this happened it was around 1 week of bearish trends before reversing, symmetrical triangle isn't a bullish indicator
Look for a breakout of triangle as confirmation of direction.
Bullish indications: possible VFI bullish crossover, possible break past ~55.5k short term resistance, American stimulus news (checks going out), S2F prediction supports continued growth
Bearish indications: negative VFI since early morning 15 March, last two times this happened it was around 1 week of bearish trends before reversing, symmetrical triangle isn't a bullish indicator
Look for a breakout of triangle as confirmation of direction.
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