Orange trendline – critical zone based on the weekly timeframe
Red zone – critical zone based on the daily timeframe
Blue zone- critical zone based on the 4H timeframe
Blue dash line – showing the closed triangle on the 4H timeframe
For the past 2 months we can see that the monthly trendline played a huge role as a resistance point for the BTC price. After it reached it, a strong rejection followed right away. Since the end of June, a closed triangle formation can be seen and right now based on volatility and price structure we are finally at its end. Most likely price will break above it in order to try reaching the monthly trendline once again. After this happens a strong rejection needs to take place. And a false breakout near the 10000.0 will be a good sign + a close bellow the monthly trendline.
After we see the rejection, a good TP1 will be the first daily critical near the 8700.0 area. If the price continues downwards, TP2 should be the second daily critical near the 7500.0 mark.
Happy Trading!
Red zone – critical zone based on the daily timeframe
Blue zone- critical zone based on the 4H timeframe
Blue dash line – showing the closed triangle on the 4H timeframe
For the past 2 months we can see that the monthly trendline played a huge role as a resistance point for the BTC price. After it reached it, a strong rejection followed right away. Since the end of June, a closed triangle formation can be seen and right now based on volatility and price structure we are finally at its end. Most likely price will break above it in order to try reaching the monthly trendline once again. After this happens a strong rejection needs to take place. And a false breakout near the 10000.0 will be a good sign + a close bellow the monthly trendline.
After we see the rejection, a good TP1 will be the first daily critical near the 8700.0 area. If the price continues downwards, TP2 should be the second daily critical near the 7500.0 mark.
Happy Trading!