As it stands, we can envision several scenarios for BTC:
1. It sustains the current momentum and breaks out of this 'mini-ascending triangle', encountering the fixed range volume profile's resistance of $43,750.
2. It retraces to test the $40,222 support level, forming a double bottom pattern.
3. It fails to maintain support at both $40,222 and $40,000, leading to a downward break.
Given the bullish momentum, I am inclined to choose one of the first two scenarios.
1. It sustains the current momentum and breaks out of this 'mini-ascending triangle', encountering the fixed range volume profile's resistance of $43,750.
2. It retraces to test the $40,222 support level, forming a double bottom pattern.
3. It fails to maintain support at both $40,222 and $40,000, leading to a downward break.
Given the bullish momentum, I am inclined to choose one of the first two scenarios.
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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.