Bitcoin / TetherUSUpdated BTC on the next days
BTC has been consolidated since two days in a triangle and formed a descending pennant. It's just broke this triangle. Moreover, the RSI's broke also its trendline. It's very likely that continuation will be the next step for BTC (after the first leg down on 05th May.
I think the next stop is $34400. I think this price is a crucial and possibly a reversal point for BTC to be back to its yearly trendline. And why not a start of some thing big as in my previous post (see link below).
I think the next stop is $34400. I think this price is a crucial and possibly a reversal point for BTC to be back to its yearly trendline. And why not a start of some thing big as in my previous post (see link below).
Note
Just to explain on my target: With descending pennant, we have 32% to have another leg down with the same loss ($4000). It means that we will go down $1280 (=0.32*4000) more from the breaking point ($35800), which gives us the theoretical price very close to $34400, the next support.I chose then $34400 as a reasonable target for this prediction.
Note
BTC has dropped to the predicted price at $34400 and struggled at this level to rise again. However, it didn't succeed and dropped again toward the next support, $33000. Pullback to $36000 is invalidated.Trade closed manually
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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.