BTC BREAKOUT! What happens now?
We exploded upward from that big ascending triangle (on the daily) and finally broke upward from our descending channel and are now hitting resistance at the top of the daily ichi cloud. The final "target" for this run should be somewhere in the teal box area, where we would form another lower high on the weekly chart (although I think it will be one of those "temporary" lower highs and we will actually not head back down from there - more on that in the next paragraph). Healthy price action now would be to spend a few days consolidating in this area, find support on the previous resistance at around 8400, then finish the run in a final burst.
After this, I do think the 9k to 9.4k area (teal box) is going turn into a huge BEAR trap - not bull trap. I say bear trap because I think everyone will be looking to short from there, and we'll drop a bit but then find support, reverse, and head up to make our first higher high on the weekly at around 11.3K.
After this, I do think the 9k to 9.4k area (teal box) is going turn into a huge BEAR trap - not bull trap. I say bear trap because I think everyone will be looking to short from there, and we'll drop a bit but then find support, reverse, and head up to make our first higher high on the weekly at around 11.3K.
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.