BTC Descending Triangle Upside Breakout - Reversal Forming

3 juin 2021

We have finally break above the descending triangle with BTC. Descending triangles can act as a continuation patterns or as a reversal patterns. In this case it is starting to look as a reversal one. It is the first solid sign that we may still set new ATH which should be slightly above the one set in April. I am expecting 70-85k at max for this cycle. We however still have to break above 0.702 fib. retracement level in a short to medium time frame.

I am not a financial advisor so non of this should be taken as a financial advise.


BTCUSD

3 juin 2021

Note

On a daily chart we have to avoid the death cross. That is when 50 SMA (green) goes under 200 SMA (red). For that to be avoided, BTC has to get above those two very fast in a matter of days. That is one thing to have in mind.

3 juin 2021

Note

Ideally we still have to close that daily candle close above 200 SMA, or at least above the triangle, to really gain confidence in reversal.