BTCUSD
We have a lot of interesting things going on right now so let's try and work through this:
You are looking at the Daily $BTC chart.
We had a beautiful leg up from the bulls which has now resulted in a triangle.
- 50% chance we break above or below the triangle and 50% the breakout fails.
- Location is great for the bears, so I believe they have a slight advantage in this one.
- There is also a 60% chance we return to the apex of the triangle.
BEARS: SHORT looking for a re-test of 8,300, 7,500, the new low.
BULLS: Bulls do not want to buy this high, they are waiting for a pullback to the 8,300 range or at the 20 EMA at 8,600.
I'm slightly more bullish than bearish due to the most recent leg up and the fact that we printed a beautiful monthly reversal candle closing near its high. I would say we have a 70% chance to test the highs of this Monthly candle at 9,767.
I would expect a 50% retrace of the monthly candle, where bulls will be buying. The lower time frame charts could turn into a huge bull flag, with the next leg up to 11,500.
If we do retrace, you can see we will be creating a huge iH&S pattern on the daily chart, which of course has a projected measured move up to the March highs at 11.500.
Trade active:
We have hit on all waves... Dipped a little bit below the buy zone but we should start racing up to 8,000.