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FieryTrading
Jun 25, 2022 10:32 AM

🔥 Bitcoin Moment Of Truth: Reversal Or New Low? 

Bitcoin / TetherUSBinance

Description

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My recent Bitcoin analyses have been relatively bullish. However, we're still in a macro downtrend, so being cautious for potential bearish continuation will never hurt.

In this analysis I want to take a look at a lower timeframe ascending triangle. Ascending triangles are classically bearish reversal patterns, so we should keep in mind that once the price breaks out through the support there's a decent probability that BTC will fall back to 20k or even lower.

However, since the stock markets saw a massive move yesterday we can assume that investors are happy to take on more risk. Since BTC is a risky asset we could see a bullish break out of the pattern. Expect resistance around 23k.
Comments
FFG2501
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New low followed by a fake out and then a lower low followed by a fake out and so on and so forth till way below 10k
ArmanShabanTrading
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Might be a new low ... Let's see , I just published my new idea of BTC , you can check it and tell me what you think 💬
diaaemad
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iy is rising trend correction, thus will head down
UnknownUnicorn18117313
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Brah at this point it's more of an ascending triangle.
TradingExpertFx
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Good luck!
DeGRAM
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Thank you. Great job!
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