Messing around the top

30 окт. 2023 г.Morning folks,

Last time we've said that BTC is near strong weekly resistance of 35.5-36K area, and agreed to wait for response to consider next step. Now, week just has started, so, no response is formed yet. Still, we suggest that this is not good point for new long entry, at least from technical point of view, if you trade on daily/weekly time frames.

On shorter time frames, price is forming pennant consolidation that suggests some upside action, so, BTC could mess around the top, spiking and touching weekly resistance area.

Thus, it is not a good moment for scalp short as well, because we do not have any patterns in place. While scalp bullish traders could consider to do something with this triangle. For example, minor upside butterfly might be formed here.