Good morning, traders. Bitcoin's consolidation intensifies as price nears the symmetrical triangle's apex (descending red solid line and ascending black dashed line). Played out as a pennant, the target should be around $4280. That being said, as I always tell my students, whenever drawing a pennant make sure you also draw the flag because the latter occurs much more often. In this case, we can see that price may be printing an ascending broadening wedge with the wedge's support playing double duty as the triangle's support. A breakdown of this pattern should print the flag support as price targets $3900/10. If this flag were to play out instead of the pennant, then the target on a bullish break would be slightly lower depending on how long it took price to break out. H1 RSI is printing a symmetrical triangle as well and a bullish break of it should see price breaking through pennant resistance whereas a bearish break should see price breaking through pennant support and possibly printing that flag support.
Price remains above the ascending blue channel's median which is bullish. There is the chance that price could stall and ultimately even reverse near the blue channel's resistance, so traders need to keep this in mind. This is especially important as it would also be near the descending ATH resistance. However, if price happens to reach the target near $4250/$4300, that should open up a strong, impulsive move up toward $5000 (likely short squeeze). There are never any guarantees, but that is the way things appear at this time. Daily shows us that price remains above the support/resistance level noted by the heavy horizontal blue line. It also remains above the pivot and 21 EMA on the H1 and D1 TFs.
Make sure you're not trading out of boredom. Waiting for the proposed setup to complete and subsequent confirmation lessens risk dramatically. Retail traders often overtrade due to boredom, fear of missing out, and/or their dreams of being overnight millionaires, all of which most often results in them losing their capital.
Every day, we have a choice to act positively or negatively, so if you get a chance, do something decent for someone today which could be as simple as sharing a nice word with them. You just might change their day, or even their life.
Remember, you can always click on the "share" button in the lower right hand of the screen, under the chart, and then click on "Make it mine" from the popup menu in order to get a live version of the chart that you can explore on your own.
Price remains above the ascending blue channel's median which is bullish. There is the chance that price could stall and ultimately even reverse near the blue channel's resistance, so traders need to keep this in mind. This is especially important as it would also be near the descending ATH resistance. However, if price happens to reach the target near $4250/$4300, that should open up a strong, impulsive move up toward $5000 (likely short squeeze). There are never any guarantees, but that is the way things appear at this time. Daily shows us that price remains above the support/resistance level noted by the heavy horizontal blue line. It also remains above the pivot and 21 EMA on the H1 and D1 TFs.
Make sure you're not trading out of boredom. Waiting for the proposed setup to complete and subsequent confirmation lessens risk dramatically. Retail traders often overtrade due to boredom, fear of missing out, and/or their dreams of being overnight millionaires, all of which most often results in them losing their capital.
Every day, we have a choice to act positively or negatively, so if you get a chance, do something decent for someone today which could be as simple as sharing a nice word with them. You just might change their day, or even their life.
Remember, you can always click on the "share" button in the lower right hand of the screen, under the chart, and then click on "Make it mine" from the popup menu in order to get a live version of the chart that you can explore on your own.
