BTC: Confirmed break of a completed symmetrical triangle
Updated
BTC broke through the support of a completed symmetrical triangle, with a false break at point 8 resistance. This should start a sustained sell-off to 38k, however 41k is also at the 50% fib retracement from July 2021 low to the September 2021 high, in addition to previous support/resistance. As such, there is a possibility that we may bounce at 41k, instead of 38k.
I do not like to predict time frames, but I would expect BTC to find a low over the weekend.
I do not like to predict time frames, but I would expect BTC to find a low over the weekend.
Trade active
The u-turn in BTC price action to the upside should be limited to the 50% retracement (47.9k) of the first leg down.Trade closed: target reached
Target amended to 45k
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