FXtrades-gp

BITCOIN: Will the BTCUSD reach again the 42k?

Long
BITSTAMP:BTCUSD   Bitcoin / U.S. Dollar
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🟢Crypto Pair:
BTC /USD

Technical Analysis:
Since the 5th of January, the Bitcoin got a strong bullish impulse ended on the 8th of January with the maximum price at around 42k, few days of consolidation and the price heavily collapsed again until the level at about 30229.04, area where we can also find a strong daily support!

Then the price started a new uptrend reaching an interesting resistance level at about 40000, but not able to retest and break the previous price at 42k.

The price got a clear rejection on the resistance zone and collapsed one more time until the level at about 34000.
As we can see the market is clearly creating an interesting symmetrical triangle pattern and it's perfectly following and bouncing on its S/R levels.

🔴Conclusion: ✔️
The Bitcoin is usually an interesting market, full of news everyday, I'm confident to see the price retests the previous level at about 42k, by the way I'd wait the breakout of that pattern before to eventually plan any long position on this trade

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What's your opinion? Share your idea writing a comment!

Trade Safe and Responsibly,
Gianni

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Comments

Nice potential scenario 🐻❄️🙏😊😃
+1 Reply
FXtrades-gp PolarHusk
@PolarHusk, oh really thanks! I'm so glad to hear that! :)
Reply
Interesting work! thank you for sharing
+1 Reply
@abel11, Many thanks for your support! I'm so glad of that! :)
Reply
Very possible scenario 😁
+1 Reply
FXtrades-gp TheSignalyst
@TheSignalyst, Hi Rich and thanks for your comment! Actually the price broke down the pattern, so I'd say that the pattern is not valid anymore, but still confident with a bullish scenario! :)
Reply
yes,I see a bullish pennant pattern on btc
+1 Reply
FXtrades-gp ProSignalsFx
@ProSignalsFx, yes! let's see, though this pattern right now is not valid anymore for a bullish scenario, but still confident with that! :)
Reply
Remarkable idea and good explanation.
Thanks for sharing!
+1 Reply
@ZED_ONE, You're welcome man and don't stop to share your ideas! ;)
Reply
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