BTC has been in an interesting consolidation lately but seems to really be tightening lately. Looks like a symmetrical triangle on declining volume that can move to 26.7k on a break up. These are usually continuation patterns so I am bullish on this pattern until invalidation. The stock market has made its move down lately and is at support. There's not a clean setup on it yet, but I am expecting it to bounce from support giving BTC the relief it needs to beat 25k. If this pattern fails, I will look for the 19.8k-20k level. That is the downside target.
Comment
⋅
Here is the declining volume on the weekly view.
Comment
⋅
This setup requires that the stock market bounce from where it is. If it fails, then this setup will break down to the 19.8k level
Comment
⋅
BTC update: We have broken down out of the pattern in a spike in sell volume. Its possible we close the dilay back in the patttern, but I think it really unlikely. I am starting to look for the 20k area aftter todays close
Comment
⋅
This pattern has failed and we have hit our 19.8k target
@danta_master, All my calls are failing this year XD back up calls are playing out good but I can't hit anything these past couple of months. I do like your idea though and i think a bounce from here for some relief is likely. SPY is at such an interesting point now that its lost support. Waiting for the next setup but thank you for sharing!