BTC daily analysis

Looks like BTC is moving inside a pennant. Waiting for breakout below support at 42-44k region accompanied by increased volume. This will signal a bearish movement for now...

Not financial advice, just my ideas. Feedback is more then welcome.

Kommentera:

Price is still moving inside a pennant pattern on the weekly chart. On the daily chart a downward channel is forming. As expected, the support at 42-44k region did not hold. This level has now flipped into a resistance. The next support level can be found at the 37.5k region.

Price is likely to hit 37.5k before a correction happens. Overall, it still looks like the price is moving towards the bottom of the triangle (30k). However, we might be on wave C of an Elliot correction wave. If price breaks out above 44k, further bullish movement is to be expected.