BTC Afterdrop assessment
Updated
Last price action formed a symmetrical triangle -neutral pattern- on chart, but here it may indicate possible continuation of drop.
Targets for triangle - if confirmed:
48K or 45k . (51k would be possible)
Alternative scenario: if candles on 4H chart would close above orange level $56.266 then ascending triangle or bottom pattern will appear. Candle closing above blue level $57.323 would confirm uptrend.
In my humble opinion, market needs to cool down and correction like this is healthy and necessary for another leg up, especially after previous 6 white candles on Monthly. I cross my fingers for bulls to turn the trend back to north. Let the power be with you.
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This is not a financial advice.
Always do your own research.
Targets for triangle - if confirmed:
48K or 45k . (51k would be possible)Alternative scenario: if candles on 4H chart would close above orange level $56.266 then ascending triangle or bottom pattern will appear. Candle closing above blue level $57.323 would confirm uptrend.
In my humble opinion, market needs to cool down and correction like this is healthy and necessary for another leg up, especially after previous 6 white candles on Monthly. I cross my fingers for bulls to turn the trend back to north. Let the power be with you.
---------------------------------------------------------------------------------------------------------------------------------------------------
This is not a financial advice.
Always do your own research.
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