Bitcoin may form a ascending triangle.
Here I am sharing my view on BTCUSDTPERP
Time frame 4hrs
bulls tried to take the price to their side though we can see double top formation around 45521, and price went to retest the previous resistance which is now a support (i.e 4200).
A successful bounce was seen from that zone to 4400. 4400 is a resistance zone which is above the neckline of previous double top pattern, so there are higher possibility of a breakout in upward direction.
if it breaks out we can see BTC around 45400.
Also, I can see a formation of ascending triangle, which means we can see BTC in the range of that triangle.
if the triangle forms nicely we can see stop loss hunt and fadeouts at the near end of the triangle before the real breakout or breakdown.
hope you liked my analysis please give your comments and let me know where I sound wrong to you.
Time frame 4hrs
bulls tried to take the price to their side though we can see double top formation around 45521, and price went to retest the previous resistance which is now a support (i.e 4200).
A successful bounce was seen from that zone to 4400. 4400 is a resistance zone which is above the neckline of previous double top pattern, so there are higher possibility of a breakout in upward direction.
if it breaks out we can see BTC around 45400.
Also, I can see a formation of ascending triangle, which means we can see BTC in the range of that triangle.
if the triangle forms nicely we can see stop loss hunt and fadeouts at the near end of the triangle before the real breakout or breakdown.
hope you liked my analysis please give your comments and let me know where I sound wrong to you.