CRYPTO WATCH 07 // Bitcoin's decision time

BTC LIVE WATCH: Bitcoin is at the end of its bearish pennant, which is a continuation pattern and thus likely to break to the downside. With today being green across the board and prices up more than 20 to 30% for most coins (from their lows); a new consolidation or correction is even more likely...

Bitcoin is currently facing a flat resistance level at 38K which reminds me of the 50K and 40K horizontal resistance levels we have seen for the last weeks and months. Even more so if you scroll back into the chart you can see multiple of these flat tops inside the purple areas and all of them broke to the downside. This could indicate the end for the first relief rally (red scenario( and we are heading for a new trading range roughly between 21 and 33K - if(!) we break below 30K. However a green scenario is not be excluded with a trading range between 40 and 50K. The last scenario is more sideways action for Bitcoin with a "sideways" breakout or a fake out on the top or downside that will lead to more ranging between 30 and 38K. I expect action tonight or at least within the next 24 hours...

IMPORTANT: this is not financial advice, trade or invest based on your own risk and research.

Kommentera:

I redrawn the pennant a bit as I find the point of resistance not lining up well enough in the above chart. Which means we are testing resistance of the pennant right now! A real breakout needs to clear 40 and 42K and hold it as support: