Yellow: Prior low extension to last high
Red: February's high retracement to prior low
ROI are calculated from when the price was $8275.
When reviewing the longer term and zones the reward to risk ratio for BTC is favorable. A lot of things can happen and here are two scenarios I believe are most likely to occur:
1. BTC is consolidating before it retests the top of the symmetrical triangle ($9200) for an 11% ROI . It could reverse at the first , then again at the first before heading to the top of the triangle.
2. BTC drops to the middle ($7794-7842) before retesting the top of the symmetrical triangle. At current price, 6.5% ROI . If bought from the , 13%ROI.
The is nearing support so if BTC were to drop , it shouldn’t be much if it holds up. Currently BTC is trading above the 50MA but has been pierced twice in the last few days . There’s a , however there’s a forming to end today’s candle.