1D chart on the right. 1h on the left.
Showing 50 and 200 EMAs.
Overall down-trending channel (dashed white lines)
Price is currently in what I'm drawing as an ascending wedge (a la Bitfink). Crytp Savy has drawn this as a triangle with a bull trap.
Either way, price is headed for horizontal and dynamic (EMA) resistance, as well as the nearest down-trend line. If price falls out of the ascending wedge, a measured move brings us down to roughly $26K.
If price continues upward, possible targets are $32K and $36K.
I'm waiting until Bitcoin breaks structure, one way or the other, until I long or short it.
Have fun and trade safe.
Showing 50 and 200 EMAs.
Overall down-trending channel (dashed white lines)
Price is currently in what I'm drawing as an ascending wedge (a la Bitfink). Crytp Savy has drawn this as a triangle with a bull trap.
Either way, price is headed for horizontal and dynamic (EMA) resistance, as well as the nearest down-trend line. If price falls out of the ascending wedge, a measured move brings us down to roughly $26K.
If price continues upward, possible targets are $32K and $36K.
I'm waiting until Bitcoin breaks structure, one way or the other, until I long or short it.
Have fun and trade safe.