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BTCUSD
daily chart take here. Descending triangle pattern forming, failed to breakdown 4x already and getting close to decision time. Today is a big day for $BTC as it will determine whether the weekly candlestick closes above the 50ema. If we can hold above the EMA I am more inclined for a bounce/rally in the crypto market. The daily chart has a big HVN at the 28k-40k levels where we could chop around for a week or two. The descending megaphone pattern BTC has developed would set up for a nice bounce in the next week or two if we can hold above $28,500 area. If we do break down to the green zone on the chart I am planning on opening some positions for a bounce play.
BTCUSD
daily chart take here. Descending triangle pattern forming, failed to breakdown 4x already and getting close to decision time. Today is a big day for $BTC as it will determine whether the weekly candlestick closes above the 50ema. If we can hold above the EMA I am more inclined for a bounce/rally in the crypto market. The daily chart has a big HVN at the 28k-40k levels where we could chop around for a week or two. The descending megaphone pattern BTC has developed would set up for a nice bounce in the next week or two if we can hold above $28,500 area. If we do break down to the green zone on the chart I am planning on opening some positions for a bounce play.
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We held the bottom support of the triangle over the past three days and seeing a little rally now. Let's see if we can break out of the triangle to the bull side over the next few days.
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testing top of triangle! Let's see if it retests $40,000
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Didn't get through that top trendline, making things interesting. We're running out of room. I expect a move within the next few days.
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Testing the trendline again here