Extreme volatility in coming days (bullish pennant breakout) BTC
It looks like we've got one big massive bullish pennant that will likely play out within the next weeks to come (probably less than that) , and pennants that originate from the lower side usually break to the upside (where my bias has come from)
If the price does hold on this trend line after a short term bounce i'd be looking for new ATH's within weeks, but if it fails and we eventually come back down I'd be looking for $29,000-$31,000 (least likely)
No reason to be short around $33,000-$34,000 when we've showed signs of structural integrity being implemented into price action (we can dip lower and will be watching for buy pressure and dips being bought up) Plus we've already had a good correction and if we break $30,000 it's likely we head much lower so i'd be looking for a rally to the upside to test $37,000, which is an area of interest and needs to be flipped into support before we can head back to $40,000 and achieve new ATH'S (all time highs) which would likely send us to $50,000.
I'll post attached updates to this TA as price action develops over the next 24-48 hours.
Please get this post to 30+ likes to unlock the next daily technical analysis post (TA) 👍
If the price does hold on this trend line after a short term bounce i'd be looking for new ATH's within weeks, but if it fails and we eventually come back down I'd be looking for $29,000-$31,000 (least likely)
No reason to be short around $33,000-$34,000 when we've showed signs of structural integrity being implemented into price action (we can dip lower and will be watching for buy pressure and dips being bought up) Plus we've already had a good correction and if we break $30,000 it's likely we head much lower so i'd be looking for a rally to the upside to test $37,000, which is an area of interest and needs to be flipped into support before we can head back to $40,000 and achieve new ATH'S (all time highs) which would likely send us to $50,000.
I'll post attached updates to this TA as price action develops over the next 24-48 hours.
Please get this post to 30+ likes to unlock the next daily technical analysis post (TA) 👍
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