Extrapolated from my previous analysis, this chart shows that we are approaching a critical point for Bitcoin.
Over the next few days, we should test the 11.6k area as we look to complete the ascending triangle pattern.
If the pattern breaks to the bullish side, I would expect a test of the local top at 14k, perhaps reaching as far as the 16k area.
Should it break to the bearish side, 9k will be tested again for sure, with 7.5k the potential target should 8k fail to hold.
The OBV recently broke previously crucial support turned resistance, holding this area will be critical as the pattern progresses.
Right now, my gut tells me that the pattern will break in favour of the bulls, but only time will tell.
This is not intended as financial advice. Let me know what you think!
Over the next few days, we should test the 11.6k area as we look to complete the ascending triangle pattern.
If the pattern breaks to the bullish side, I would expect a test of the local top at 14k, perhaps reaching as far as the 16k area.
Should it break to the bearish side, 9k will be tested again for sure, with 7.5k the potential target should 8k fail to hold.
The OBV recently broke previously crucial support turned resistance, holding this area will be critical as the pattern progresses.
Right now, my gut tells me that the pattern will break in favour of the bulls, but only time will tell.
This is not intended as financial advice. Let me know what you think!
Comment:
Lower trendline has broken, definitely bearish for the next few days. Disappointing but an opportunity to accumulate.
