The BTC price has been consolidating inside a short-term range since March 13. IT is currently in the upper portion of the range and has created an ascending triangle (right picture). A breakout from this pattern is expected. A breakout that travels the entire height of the pattern would take the price all the way to $6100, reaching the high of March 12 and the closest resistance area. This would constitute a breakout above the trading range, whose resistance is now likely to act as support.
The weekly chart (left) shows that the price is currently trading in a neutral zone below the $6100-$6800 area. The proposed breakout would take the price right to the lower limit of this resistance area. The expected movement would be a breakout towards $6100 followed by a decrease towards the previous bottom at $4300.
If the price reclaims the $6100 level, it is likely to head towards $6700. At the current time, that seems unlikely.
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The weekly chart (left) shows that the price is currently trading in a neutral zone below the $6100-$6800 area. The proposed breakout would take the price right to the lower limit of this resistance area. The expected movement would be a breakout towards $6100 followed by a decrease towards the previous bottom at $4300.
If the price reclaims the $6100 level, it is likely to head towards $6700. At the current time, that seems unlikely.
Please leave a LIKE if you enjoyed the analysis.
Note
First target reached. Expecting the 0.5 Fib level to provide resistance, or the price to reach a maximum of $6700 before decreasing.
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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.