BTC is currently on a parallel channel and now on the apex of triangle. Two scenarios are expected to happen soon: a breakout from the trendline or a breakdown from the 0.618, trendline, and support area. In case the price breaks down, we are expecting a bounce at 37k - 37.5k because it is a strong support. In 1D Timeframe, we are still in an uptrend market, if the price wouldn't able to hold 37k, there will be a change of market structure as it will create a lower low and will result to a downtrend market. Moreover, MACD in 1D shows weakening of selling pressure, it can be used as a signal for a possible trend reversal.
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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.