🏹 After a 50% surge from 25,000 to 38,000, BTC has entered a consolidation phase within the confines of a symmetrical triangle, as highlighted in orange.
This development holds significant importance as it aligns closely with a yearly resistance zone between 38,000 and 40,000. The resolution of this pattern will likely dictate market sentiment for the remainder of the year.
📈 Should the triangle break to the upside, confirmed by a daily candle closing above 38,000, we anticipate a bullish continuation targeting the resistance range up to 40,000.
📉 Conversely, a downward break of the triangle, confirmed by a daily candle closing below 35,600, would signify bearish momentum, potentially leading to a substantial correction towards the 30,000 - 32,000 support and demand zone.
For now, we wait! ⏱
Which scenario do you think is more likely to happen? and why?
📚 Always follow your trading plan regarding entry, risk management, and trade management.
Good luck!
All Strategies Are Good; If Managed Properly! ~Richard Nasr
Comment
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The upper bound of the triangle (38,000) has been breached to the upside.
We anticipate further upward momentum with the bulls aiming for the 40,000 mark.
The bullish scenario will stay viable unless there is a downward break below the recent H4 low at 37,500.