After rebounding from $38,555 (near the $38,000 highs of November 2023) and breaking out of a bear trap descending wedge, BTC seems to have formed a symmetrical triangle around the support/resistance level of $42,700. This value is determined by the fixed range volume profile (FRVP) applied to the price behavior since breaking $40,000. Both the MA100D and MA200D are still rising. The Parabolic SAR gives us a rising support level of ~$39,800 (today). $38,555 and $42,700 continue to be important supports for the price behavior. Breaking down out of this short-term symmetrical triangle could hinder the bullish momentum, but breaking above $44,000 and $44,700 could propel the price to $50,000 and beyond.
One could make a long position with a stop-loss of less than -3% to try and profit from this rising trend.
One could make a long position with a stop-loss of less than -3% to try and profit from this rising trend.
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And we're already at 45k!
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50k target hit!
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52k is the last resistance before 60k.
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52k resistance broken with volume!
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After breaking the previously stated $52,000 resistance, BTC has shot up to $60,000 — as expected! I anticipate it to encounter some stronger resistance areas on the way up to the all-time high (ATH).