BTC/USD - Price in search for direction, wants to push higher

BTC has exited one pennant to form another larger one. In this case we have a very symmetrical resistance cutting the pennant into two which indicates my bias.

On lower timeframes BTC is trying to push higher, however we're still in the bearish bias zone since we need to move above $33.6k to have enough confidence to believe we can break out and go higher. The arrows indicate possible paths.

On daily the indicators are bearish still, however there are signs we may curve up, if the price will stay in the pennant and especially if we push higher. If not, and we break down again, then we may explore lower levels as indicated by the support line.

Last time we breached 30k we quickly dipped and recovered, showing bulls are eager to buy BTC at a discount (i.e. under 30k). This is GOOD. A quick price recovery is a bullish sign.

I believe we will have to wait for the week days to come to get more volume before price will make any decisive moves, as you can see, the volume today was very low, so unlikely to trigger any dramatic moves.

We are in a neutral zone for now, but my overall bias is still bullish on BTC. We had a nice 30% correction so if the past is of any indication, we should go higher from here.

Like and follow if you liked my idea!

Kommentera:

Nothing has changed, we're still in the pennant in the bearish side. Hope we can get out of this and move higher.