BTC/USD: The Small Time Frame Breakout That Everyone's Watching
Symmetrical triangle building on the
BTCUSD
Hourly charts (1, 4 & 6) entering the second day with expiry in the next 12 hours. Chart is a 4-hour. Current scenarios:
A) Breakout north above the resistance level of $6,800 after initial rejection. (Likely)
Note: This level has acted as strong resistance for nearly 4 weeks.
B) Breakout south bouncing off the support level of $6,250.
Note: This would create a head & shoulders pattern on the Daily charts. (Unlikely)
C) Breakout south crashing through $6,250, $6,000 as well as $5,750 with a target of $5.3-$5.4K.
Note: This would signal the continuation of down trend. (Likely)
Summary: Neutral playing field.
Daily RSI: 50
Risk: Very high
Reward: Medium
BTCUSD
Hourly charts (1, 4 & 6) entering the second day with expiry in the next 12 hours. Chart is a 4-hour. Current scenarios: A) Breakout north above the resistance level of $6,800 after initial rejection. (Likely)
Note: This level has acted as strong resistance for nearly 4 weeks.
B) Breakout south bouncing off the support level of $6,250.
Note: This would create a head & shoulders pattern on the Daily charts. (Unlikely)
C) Breakout south crashing through $6,250, $6,000 as well as $5,750 with a target of $5.3-$5.4K.
Note: This would signal the continuation of down trend. (Likely)
Summary: Neutral playing field.
Daily RSI: 50
Risk: Very high
Reward: Medium
Trade active:
Currently following Pattern A. Feeling more bullish but considering the price may fall into Pattern B before continuing upwards. Expecting continued rejection at $6,800.