1. Symmetrical Triangle - at the verge of breaking out, could be either upward breakout(bullish) with Target of 51900USD or downwards(bearish) with a target of 21900USD. I have drawn what I assume the direction of flow would be.
2. EMA Ribbon - if price survives to stay above this ribbon for the next few hours, then most probably the push will be upward.
3. Volume - volume is very low, so we can expect a big move coming. A big move might be an upward triangle breakout or it could also lead the price down.
What I can see technically, so far everything seems to be bullish but quantitatively it can result in taking the price down because total BTC in all exchange reserves are closer to the level on 19 May the big dip day.
Anything can happen!
Trade safely, this time is very dynamic for the market. No one knows when price can have its mood swings.
2. EMA Ribbon - if price survives to stay above this ribbon for the next few hours, then most probably the push will be upward.
3. Volume - volume is very low, so we can expect a big move coming. A big move might be an upward triangle breakout or it could also lead the price down.
What I can see technically, so far everything seems to be bullish but quantitatively it can result in taking the price down because total BTC in all exchange reserves are closer to the level on 19 May the big dip day.
Anything can happen!
Trade safely, this time is very dynamic for the market. No one knows when price can have its mood swings.
Comment:
Price broke out above the triangle but there was not enough volume to support this action, adding more to the fake breakout was Elon's tweet. I don't know why is he such a big influence on people in crypto?
Comment:
Just beware while trading, market is seriously very dynamic especially for longs.
