As I mentioned a few days ago, BTC looks to be continuing a slight dip after a neckline break (yellow dotted line) for an inverse head and shoulders pattern (green triangles) but now looks to be forming a bullish ascending triangle pattern on the 4-hour chart (green dotted lines). If resistance breaks upward, potential targets could be up to around 70K (green dotted line upward) as indicated by the length of the inverse head and shoulders pattern's length.
However, a key point to watch is around 59K if the ascending triangle breaks. If such a breakdown of support were to occur past 56K, the price of bitcoin could be propelled downward toward a longer term trend line support (orange line) further due to an opposing head and shoulders pattern (pink triangles). Hence a break past the all-time high would be a positive invalidation for this possibility.
So far trends look to be trending well for BTCUSD, but there are still some risks for which to watch out as bitcoin is still fairly close to the supporting trend line (white line). However, feel free to let me know if you agree or see something differently in the comments.
However, a key point to watch is around 59K if the ascending triangle breaks. If such a breakdown of support were to occur past 56K, the price of bitcoin could be propelled downward toward a longer term trend line support (orange line) further due to an opposing head and shoulders pattern (pink triangles). Hence a break past the all-time high would be a positive invalidation for this possibility.
So far trends look to be trending well for BTCUSD, but there are still some risks for which to watch out as bitcoin is still fairly close to the supporting trend line (white line). However, feel free to let me know if you agree or see something differently in the comments.