🔥 Bitcoin Moment Of Truth: Reversal Or New Low?
My recent Bitcoin analyses have been relatively bullish. However, we're still in a macro downtrend, so being cautious for potential bearish continuation will never hurt.
In this analysis I want to take a look at a lower timeframe ascending triangle. Ascending triangles are classically bearish reversal patterns, so we should keep in mind that once the price breaks out through the support there's a decent probability that BTC will fall back to 20k or even lower.
However, since the stock markets saw a massive move yesterday we can assume that investors are happy to take on more risk. Since BTC is a risky asset we could see a bullish break out of the pattern. Expect resistance around 23k.
In this analysis I want to take a look at a lower timeframe ascending triangle. Ascending triangles are classically bearish reversal patterns, so we should keep in mind that once the price breaks out through the support there's a decent probability that BTC will fall back to 20k or even lower.
However, since the stock markets saw a massive move yesterday we can assume that investors are happy to take on more risk. Since BTC is a risky asset we could see a bullish break out of the pattern. Expect resistance around 23k.
🎯Official Channel: t.me/FieryTradingChannel
📈Try my Premium Signals for FREE - 80% Win-Rate: t.me/FT_Futures_free
✅Monster Signals: t.me/monster_cryptosignals
🔥Premium Signals: fierytrading.com
📈Try my Premium Signals for FREE - 80% Win-Rate: t.me/FT_Futures_free
✅Monster Signals: t.me/monster_cryptosignals
🔥Premium Signals: fierytrading.com
Related publications
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.