Hello all. It is a decision moment for Bitcoin as it can break towards the upside or downside any second now.
Currently BTC found support in the Fibonacci retracement golden pocket and is bouncing off the descending wedges's line of support.
Looking at the charts on the daily timeframe, we can see that previously bitcoin been inside descending wedge patterns twice and the current descending pattern is still in play. This is a bullish pattern with a measured move of $59,000. Full analysis for this patter is linked below.
However, on the 4 hr timeframe, the symmetrical pattern is still in play and unless we close back inside the triangle and break bullish out of the triangle, only then i will consider it was a bear trap/ fake out. Full analysis for that pattern is also linked below.
Thanks for reading and stay tuned. Enjoy.
Symmetrical triangle pattern:
Currently BTC found support in the Fibonacci retracement golden pocket and is bouncing off the descending wedges's line of support.
Looking at the charts on the daily timeframe, we can see that previously bitcoin been inside descending wedge patterns twice and the current descending pattern is still in play. This is a bullish pattern with a measured move of $59,000. Full analysis for this patter is linked below.
However, on the 4 hr timeframe, the symmetrical pattern is still in play and unless we close back inside the triangle and break bullish out of the triangle, only then i will consider it was a bear trap/ fake out. Full analysis for that pattern is also linked below.
Thanks for reading and stay tuned. Enjoy.
Symmetrical triangle pattern: