BTC daily analysis
Updated
Looks like BTC is moving inside a pennant. Waiting for breakout below support at 42-44k region accompanied by increased volume. This will signal a bearish movement for now...
Not financial advice, just my ideas. Feedback is more then welcome.
Not financial advice, just my ideas. Feedback is more then welcome.
Note
Price is still moving inside a pennant pattern on the weekly chart. On the daily chart a downward channel is forming. As expected, the support at 42-44k region did not hold. This level has now flipped into a resistance. The next support level can be found at the 37.5k region. Price is likely to hit 37.5k before a correction happens. Overall, it still looks like the price is moving towards the bottom of the triangle (30k). However, we might be on wave C of an Elliot correction wave. If price breaks out above 44k, further bullish movement is to be expected.
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