BTC March 29, 2024: Bullish Pattern Continues to Form

I have written many ideas about BTCUSD bullish patterns recently, you can see the related ideas section for more details.

The reason why I am looking for bullish patterns is BTCUSD is in an uptrend on longer timeframes than the timeframes I am trading (1D). Therefore even if I sell, it is because I am closing a previous long position, not because I am shorting.

On March 29, 2024, on the 4h timeframe, at 1:50 AM UTC, BTCUSD is forming a small consolidation here as shown in the chart. A breakout of this resistance would provide an appropriate buy point.

Order cancelled:

On April 2, 2024, the downward move below the consolidation zone invalidated the expected breakout pattern to the upside.