BTC: Let’s Bring Some Clarity

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Bitcoin has been in a consolidation since May. It’s been a complete mess, but the resolution on this formation is approaching

I outlined the most accurate chart patterns from my point of view right now: Symmetrical Triangle & Downward Channel

Recently we got a brilliant rejection by MA50 which is in line with the top of the channel.

Notice how relevant the 50-Day MA has been since late February, and I believe this time around when there are so much conflicting signals calling for bull or bear, something as simple as MA50 can give you an edge.

Let’s zoom in a little bit - 4h chart

Here I defined a clear & relativity tight range - between the 50-Day MA and 200-period EMA on 4h.

Break down EMA200 - I think there would be nothing from stopping it to visit the bottom of the descending triangle

Going above MA50 will break the downward channel and lead to a test of a previous high - 9.7k



What do you think about it? Share your thoughts in the comments!




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Commentaire:

BTC update
MA50 rejected the price and we reached the first target (first arrow completed)

BTC is squeezed in a triangle-ish shape formation and now we are at the very apex of it

The volume is very contracted suggesting the highly-expected resolution on this formation can happen at any moment

I can’t be bullish on this chart with a series of lower highs and as long as we are below MA50

Until MA50 is regained, the bias is bearish

Commentaire:

BTC update

BTC regained MA50 and like I said it was a pretty decent bullish sign

Today BTC wicked above 10k, but it has to close above it

Key level to close above is 10-10.2k. If we do, I expect BTC to go above 11k

Commentaire:

Target Reached!