BTC Weekly Narrowing trading range, sooner or later a breakout?
As the headline states: BTCUSD - Narrowing trading range, sooner or later a breakout? This doesn't mean instant moon or instant doom. The move could be from hundred to thousand dollars and we will just create new trading range (TR) or another formation will appear.
Looking from above, there are some possible scenarios. I am showing two reads of the same chart, both are a continuation pattern: possible bullish symmetrical triangle in green and a bearish symmetrical triangle in red.
Both seems possible, it is a matter of time diagonal resistance or support to break. Depending on the view, we may assume we are still in distribution phase or even we started the new cycle (accumulation), I mean monthly/yearly moves.
Weekly RGVI is about to cross soon
Momentum is increasing
I will post updates in this thread once we near some of the confluence zones.
Looking from above, there are some possible scenarios. I am showing two reads of the same chart, both are a continuation pattern: possible bullish symmetrical triangle in green and a bearish symmetrical triangle in red.
Both seems possible, it is a matter of time diagonal resistance or support to break. Depending on the view, we may assume we are still in distribution phase or even we started the new cycle (accumulation), I mean monthly/yearly moves.
Weekly RGVI is about to cross soon
I will post updates in this thread once we near some of the confluence zones.
Comment:
Forgot to mention that I am NOT a financial adviser. I am just publishing my trading views, ideas and perceptions.