BTC is approaching the resistance of this pennant and it is our first opportunity to breakout and pump to $42k.
Can we make it? Usually BTC needs at least two tries, so a break here would be quite bullish. The 4h chart would favor a bullish bias and on daily we did a bullish cross on MACD and RSI is slowly going up.
Overall, there are good reasons to lean bullish on this price action. The only concern is the volume, there is barely any, people lost interest in BTC as we consolidate, but a break of this pennant will bring money in fast.
But don't get too excited, we can be rejected at this resistance and then have another go in a few days as indicated by the green arrow. The textbooks say a break is more likely once prices bounces over 70% in a formation. We're just over 50% right now, or just over the mid-point of this pennant.
Nevertheless, on daily and below, we're turning bullish and I would expect June to give us a nice relief rally, at least. for that we need to break out of this formation and go above $42k.
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Can we make it? Usually BTC needs at least two tries, so a break here would be quite bullish. The 4h chart would favor a bullish bias and on daily we did a bullish cross on MACD and RSI is slowly going up.
Overall, there are good reasons to lean bullish on this price action. The only concern is the volume, there is barely any, people lost interest in BTC as we consolidate, but a break of this pennant will bring money in fast.
But don't get too excited, we can be rejected at this resistance and then have another go in a few days as indicated by the green arrow. The textbooks say a break is more likely once prices bounces over 70% in a formation. We're just over 50% right now, or just over the mid-point of this pennant.
Nevertheless, on daily and below, we're turning bullish and I would expect June to give us a nice relief rally, at least. for that we need to break out of this formation and go above $42k.
Like and follow if you liked this idea! Also join my crypto community to stay in touch!
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