Support Zone 1: 29k - 33k
Support Zone 2: 38k - 42k
Resistance Zone: 47k - 51k
The ultimate goal is to get above the resistance zone AND the bigger descending triangle and get at least 2-3 daily candle close above.
For now, BTC is struggling to stay within the resistance zone so we can't be too conclusive about the trend yet.
One thing to note is that we got a daily candle close above the 50 MA and 200 MA which normally is a bullish thing to do.
I have to add that the stock market continues to go down, and normally this impacts BTC, but for now it hasn't. We may see a decoupling for the next few months where BTC runs to new ATH's. When BTC went from 65k to 30k, the price of S&P 500 made new ATH's and at that time the stock market did not impact BTC. The theory is that BTC might do the same now where it runs to new ATH's where at the same time we see a correction in the stock market.
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What are triangles when it comes to trading?
Key points:
"1. In technical analysis , a triangle is a continuation pattern on a chart that forms a triangle-like shape.
2. Triangles are similar to wedges and pennants and can be either a continuation pattern, if validated, or a powerful reversal pattern, in the event of failure.
3. There are three potential triangle variations that can develop as price action carves out a holding pattern, namely ascending, descending, and symmetrical triangles."
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BTC dictates the market. If BTC falls, then Alts will fall as well. Trade safe!
Support Zone 2: 38k - 42k
Resistance Zone: 47k - 51k
The ultimate goal is to get above the resistance zone AND the bigger descending triangle and get at least 2-3 daily candle close above.
For now, BTC is struggling to stay within the resistance zone so we can't be too conclusive about the trend yet.
One thing to note is that we got a daily candle close above the 50 MA and 200 MA which normally is a bullish thing to do.
I have to add that the stock market continues to go down, and normally this impacts BTC, but for now it hasn't. We may see a decoupling for the next few months where BTC runs to new ATH's. When BTC went from 65k to 30k, the price of S&P 500 made new ATH's and at that time the stock market did not impact BTC. The theory is that BTC might do the same now where it runs to new ATH's where at the same time we see a correction in the stock market.
-------------------------------------------
What are triangles when it comes to trading?
Key points:
"1. In technical analysis , a triangle is a continuation pattern on a chart that forms a triangle-like shape.
2. Triangles are similar to wedges and pennants and can be either a continuation pattern, if validated, or a powerful reversal pattern, in the event of failure.
3. There are three potential triangle variations that can develop as price action carves out a holding pattern, namely ascending, descending, and symmetrical triangles."
-------------------------------------------
If you like the content, then make sure to comment and like the post :D
Follow me for daily profitable trading setups
BTC dictates the market. If BTC falls, then Alts will fall as well. Trade safe!
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