BTC: Potential Asymmetrical Triangle
Updated
BTC seems to be forming another (larger) asymmetrical triangle, which if it plays out, could trigger a sell-off to the 37.4k level (100% fib extension). This coincides nicely with the previous support/resistance level at the 4 August low.
If indeed this scenario plays out, I believe the correction low will be in place and it should be followed by a continuation of the bull-run
If indeed this scenario plays out, I believe the correction low will be in place and it should be followed by a continuation of the bull-run
Trade active
As more price action and data became available, BTC has indeed formed a symmetrical triangle (not asymmetrical - typo from too many late nights trading), with the final touch of the resistance at 46.7k. If the resistance continues to hold then we should see a push down to the 100% fib extension at approximately 38k.If 38k breaks, this will open the doors to the 1.618 extension that will take us to 31.5k, which coincides with the trend line support that extends from the 1 December 2020 high to the June 2021 low.
A 38k low is more likely than a 31.5k low, but worth noting
Trade closed: target reached
Target amended to 44k
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