Hi friends,
looking at the one hour chart of BTC looks like after the drop we are creating a triangle and it's pointing a bit to the down! In this case usually, the pattern breaks upward. If you wanna trade this pattern you should wait and observe the pattern and volume to come and support the breakout. If the pattern breaks to the upside it will send the price to around 8.5k based on the measured movement of the pattern. however, if it breaks to the downside the target will be around 7.2k .
Good luck trading!
*I'm a noob TA, and this is just for educational purposes! please comment if you agree or disagree with this analysis!*
looking at the one hour chart of BTC looks like after the drop we are creating a triangle and it's pointing a bit to the down! In this case usually, the pattern breaks upward. If you wanna trade this pattern you should wait and observe the pattern and volume to come and support the breakout. If the pattern breaks to the upside it will send the price to around 8.5k based on the measured movement of the pattern. however, if it breaks to the downside the target will be around 7.2k .
Good luck trading!
*I'm a noob TA, and this is just for educational purposes! please comment if you agree or disagree with this analysis!*