BTC state of the game

Hello traders,

Thought i would update you all with a BTC chart and my opinions on what can happen so here it goes.

Let's first establish the formation we are in right now - straight triangle with the flat side on-top.

We are now on the high side of the formation nearing the premium zone. Now usually buying at premium isn't a good idea but this premium could potentially become a discount with time... but until then we continue to consider it a premium and an overhead resistance.

Keep in mind that we usually break out of formations when we are around 70% into it , so the projections are purely based on that. The top one makes more sense because :
1 - It is based on a straight line
2 - Comes in pretty neatly with the 0.66 Fib

We have the point of control POC and the eq area in the mid of the triangle , which makes sense and the price should continue to react to it in order to validate the strength of the formation.

So is it a bullrun? what can go wrong?

I won't call this a bull run yet, even though this mini bull run has made a lot of happy people especially on alts. The ukraine war aniversary is nearing, 24 Feb, some major fundamental news might shift the market and all the TA we just did would go to dust.

If however the war anniversary threats turn up to be false then the market can continue to grow quietly with the projected targets.

We also like the way alts perform lately, we have seen surges in varied projects and have taken a large part of profits out already, there are still and will be more opportunities to take and profit from.

Take care!