Bitcoin is nearing a breakout from a symmetrical triangle:
-The descending trend line started around the initial liquidation around the 19th of May, at around 41,000 USD
-The ascending trend line started around some large buy-side volume when prices dipped to as low as around 29,000 USD
The RSI descending channel is nearing it's top trend line where it historically rejects.
What does this mean?
In theory, the symmetrical triangle should take us to 41,000 USD or 29,000 USD following the breakout/breakdown.
Considering the RSI trend and oversold & fearful conditions of the market, I am Bullish.
-The descending trend line started around the initial liquidation around the 19th of May, at around 41,000 USD
-The ascending trend line started around some large buy-side volume when prices dipped to as low as around 29,000 USD
The RSI descending channel is nearing it's top trend line where it historically rejects.
What does this mean?
In theory, the symmetrical triangle should take us to 41,000 USD or 29,000 USD following the breakout/breakdown.
Considering the RSI trend and oversold & fearful conditions of the market, I am Bullish.