BTCUSD - possible two pattern targets in place.
1. Pattern in focus is an A&E pattern with a Neckline break and a backtest in the daily chart. Approx. Target to USD53000. Price likely to meet resistance at the wick low of an April 2021 bearish Order Block formation. The much larger pattern is
2. A Cup & Handle pattern, that took many months to form the cup, but, moved through the formation of the handle a bit too fast for my liking. Regardless however, the cupline break was backtested before moving higher. A possible target is approx USD$55,500. This price coincides with the candle body low of the April 2021 Bearish Order Block as mentioned above. This will likely be a stronger resistance area, and perhaps price will consolidate here, move sideways, or flag, before attempting a move higher.
Still learning, so please be kind :)
1. Pattern in focus is an A&E pattern with a Neckline break and a backtest in the daily chart. Approx. Target to USD53000. Price likely to meet resistance at the wick low of an April 2021 bearish Order Block formation. The much larger pattern is
2. A Cup & Handle pattern, that took many months to form the cup, but, moved through the formation of the handle a bit too fast for my liking. Regardless however, the cupline break was backtested before moving higher. A possible target is approx USD$55,500. This price coincides with the candle body low of the April 2021 Bearish Order Block as mentioned above. This will likely be a stronger resistance area, and perhaps price will consolidate here, move sideways, or flag, before attempting a move higher.
Still learning, so please be kind :)