🔥 Bitcoin Outlook: Consolidation Before Break Out
A couple of days ago I made an analysis on Bitcoin's potential movement in the days ahead. Seems that BTC has indeed been consolidating, with no break out in sight. Yet.
Since I made that post, Bitcoin has been going up for two straight days. The move upward has been accompanied by very low volume and volatility, a slight bearish sign. During this move, BTC has formed a minor bullish channel inside the major triangle, I'm expecting that the price will follow this pattern for the coming 48 hours.
For bulls, there are several hurdles to overcome in the week ahead. First of all, the triangle resistance (orange) needs to be broken. Second, the price needs to breach the major 40k resistance and at last there's the 42k resistance from back in January. These three major areas of resistance are fairly close to each other, so a strong bullish catalyst has to occur for Bitcoin to resume the bullish macro trend.
In my previous analysis I was edging towards the bearish side of things. Low volatility and volume are often a bearish sign during an uptrend. Furthermore, a pennant during a trend is classically viewed as a continuation pattern, meaning we will resume the bearish trend in the near future.
Coming week is going to be one of the most important weeks of 2021. In case of a bullish break out we might resume the bullish macro trend, in case of a bearish one we might fall back all the way to 25k or lower.
Happy trading!
Since I made that post, Bitcoin has been going up for two straight days. The move upward has been accompanied by very low volume and volatility, a slight bearish sign. During this move, BTC has formed a minor bullish channel inside the major triangle, I'm expecting that the price will follow this pattern for the coming 48 hours.
For bulls, there are several hurdles to overcome in the week ahead. First of all, the triangle resistance (orange) needs to be broken. Second, the price needs to breach the major 40k resistance and at last there's the 42k resistance from back in January. These three major areas of resistance are fairly close to each other, so a strong bullish catalyst has to occur for Bitcoin to resume the bullish macro trend.
In my previous analysis I was edging towards the bearish side of things. Low volatility and volume are often a bearish sign during an uptrend. Furthermore, a pennant during a trend is classically viewed as a continuation pattern, meaning we will resume the bearish trend in the near future.
Coming week is going to be one of the most important weeks of 2021. In case of a bullish break out we might resume the bullish macro trend, in case of a bearish one we might fall back all the way to 25k or lower.
Happy trading!
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