BTC managed to break out of the triangle formation (after an initial beartrap). It hit the resistance line of the descending channel, which BTC has been forming since april. Without a clear break of this resisntance line, there could be a final retest of the bottom support line around 25k. If BTC manages to retest and hold 25K we could see another attempt at breaking the 31k resistance line and a break out of the descending channel.
On the 4h chart we can see the inverse head and shoulders with neckline around 25k (which BTC formed in the periode jan '23 to april '23). A succesfull retest of the neckline would validate the inverse HnS and could give BTC enough momentum for another run (and break?) at 31k.
On the 4h chart we can see the inverse head and shoulders with neckline around 25k (which BTC formed in the periode jan '23 to april '23). A succesfull retest of the neckline would validate the inverse HnS and could give BTC enough momentum for another run (and break?) at 31k.
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Also visible on the daily chart is a cup formation ranging from 31k to 16k. A retest of the 25k neckline would form the handle which would validate the cup and handle formation.
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Update 14/06 :
BTC has dropped under 26k and is nog testing the 25,5k region. There is a band of support around 25k-25,5k. If we break this support zone, BTC could go deeper and even drop out of the descending channel.
On the bullish side, if BTC holds above 25k we could see a retest of the 31k resistance line.
BTC has dropped under 26k and is nog testing the 25,5k region. There is a band of support around 25k-25,5k. If we break this support zone, BTC could go deeper and even drop out of the descending channel.
On the bullish side, if BTC holds above 25k we could see a retest of the 31k resistance line.
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