BTCUSD - BULLISH BREAKOUT FROM DESCENDING TRIANGLE!!!!
BTCUSD, 4hour TF breakout from the long consolidation descending triangle pattern.
Currently moving into an upward channel, short term price most likely going to re-test the upward channel trend line at 39.5k - 40k if any 4 hours candle close above 37.5k.
Expecting a big move today or tomorrow.
Price also closing above 21MA on 4 hours TF - strong indication on short term trend changing.
Price is also finding support at 33k area - 0.618fib, indicating a bullish conditions in short term.
Chances of price retesting 40k area are higher now.
However, in longer TF - Monthly candle, BTC still looking very bearish pattern. Expecting a huge rejection at 40k area.
Currently moving into an upward channel, short term price most likely going to re-test the upward channel trend line at 39.5k - 40k if any 4 hours candle close above 37.5k.
Expecting a big move today or tomorrow.
Price also closing above 21MA on 4 hours TF - strong indication on short term trend changing.
Price is also finding support at 33k area - 0.618fib, indicating a bullish conditions in short term.
Chances of price retesting 40k area are higher now.
However, in longer TF - Monthly candle, BTC still looking very bearish pattern. Expecting a huge rejection at 40k area.
Note
Price move to USD 38k resistance trend line, expecting for more correction to the downside soon.
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.