Bitcoin has been moving sideways since past few weeks and has failed to break to the upside but all the while has been successfully defending the 30k support lvl.
As for the chart, it is forming a big DESCENDING TRIANGLE (in red) in a daily timeframe while in a 4hr timeframe it is getting ready to move higher to the upper lvls as it is forming an ASCENDING TRIANGLE (in green) for which we might need some good strong volumes without which we can face rejection that could ultimately lead to the failure of the pattern (Ascending Triangle). If this happens we'll re-enter the DESCENDING TRIANGLE and continue with further downside move and after that we'll obsserve how the price action plays out and trade accordingly.
The key lvls to watch after the breakout are 38800-40000 as they can act as a strong resistance zone (DYOR).
What's your view on this ? Let me know in the comment section.
CryptoCuriousOfficial 📥
As for the chart, it is forming a big DESCENDING TRIANGLE (in red) in a daily timeframe while in a 4hr timeframe it is getting ready to move higher to the upper lvls as it is forming an ASCENDING TRIANGLE (in green) for which we might need some good strong volumes without which we can face rejection that could ultimately lead to the failure of the pattern (Ascending Triangle). If this happens we'll re-enter the DESCENDING TRIANGLE and continue with further downside move and after that we'll obsserve how the price action plays out and trade accordingly.
The key lvls to watch after the breakout are 38800-40000 as they can act as a strong resistance zone (DYOR).
What's your view on this ? Let me know in the comment section.
CryptoCuriousOfficial 📥
