Something very interesting is forming on the BTCUSD chart. However, it is all a matter of perspective. So lets take a few looks into what we might be seeing in front of us.
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BTCUSD appears to be in a falling wedge pattern at the moment, seen by the white lines. Traditionally, this indicates a bullish reversal for price action with a price target marked out by the white box at 47-51K. Equally, the bearish pennant from before our breakout may still be valid. This can be seen through the horizontal line at 30K and the downward resistance/turned support dotted red line. This situation would only occur if price drops rapidly from 40K back to the 34-36K range. Targets for the pennant are more severe with a target all the way down at 12K. This would also validate the massive head and shoulder pattern that might be forming on the BTCUSD chart.
See also some support resistance lines forming within these patterns inside the falling wedge or pennant (whichever it is).
Either way, we are close to a decisive move and I for one believe more in the falling wedge with looks to the upside above anything else.
NFA
RN
.
BTCUSD appears to be in a falling wedge pattern at the moment, seen by the white lines. Traditionally, this indicates a bullish reversal for price action with a price target marked out by the white box at 47-51K. Equally, the bearish pennant from before our breakout may still be valid. This can be seen through the horizontal line at 30K and the downward resistance/turned support dotted red line. This situation would only occur if price drops rapidly from 40K back to the 34-36K range. Targets for the pennant are more severe with a target all the way down at 12K. This would also validate the massive head and shoulder pattern that might be forming on the BTCUSD chart.
See also some support resistance lines forming within these patterns inside the falling wedge or pennant (whichever it is).
Either way, we are close to a decisive move and I for one believe more in the falling wedge with looks to the upside above anything else.
NFA
RN