Bitcoin has been trading inside a 1W Descending Triangle (ADX = 45.132, CCI = 8.9271, Highs/Lows = 0.0000) that is currently neutral due to the price being close to the Lower High zone. This happens to be currently on the 4H Resistance Zone (11,000 - 11,100).
We have a couple of bullish parameters to consider at the moment. We had an obvious 4H Double Top rejection yesterday but the 4H MA50 has come for support (blue line). The MA50 is near crossing over the MA200 and that will be a Golden Cross pattern, which as you see on the chart last time peaked at 12,300 forming the 1D Resistance.
As a result, if 11,100 breaks, it would be a 1W Lower High breach and the 1W Descending Triangle will be invalidated. In that case BTC will most likely follow the Golden Cross pattern to fill the Gap on the 12,300 1D Resistance.
Medium term traders should treat 9,100 - 10,000 as the medium term Accumulation Zone and methodically aim for the 1W Lower High Gap fills (12,300, 13,180 and 13,780) just like we did early in 2019 on the 3000s long term accumulation zone.
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We have a couple of bullish parameters to consider at the moment. We had an obvious 4H Double Top rejection yesterday but the 4H MA50 has come for support (blue line). The MA50 is near crossing over the MA200 and that will be a Golden Cross pattern, which as you see on the chart last time peaked at 12,300 forming the 1D Resistance.
As a result, if 11,100 breaks, it would be a 1W Lower High breach and the 1W Descending Triangle will be invalidated. In that case BTC will most likely follow the Golden Cross pattern to fill the Gap on the 12,300 1D Resistance.
Medium term traders should treat 9,100 - 10,000 as the medium term Accumulation Zone and methodically aim for the 1W Lower High Gap fills (12,300, 13,180 and 13,780) just like we did early in 2019 on the 3000s long term accumulation zone.
** If you like our free content follow our profile (www.tradingview.com/u/InvestingScope) to get more daily ideas. **
Comments and likes are greatly appreciated.
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Over 65% accuracy on Private Signals Channel.
Over 15% return monthly on our Account Management Plan.
Account RECOVERY services.
Free Channel: t.me/investingscopeofficial