Good morning, the market updates are becoming a bit dull as the market isn't moving at all; we are back at the same starting point as yesterday.
Trapped within the range (🟠orange box), Bitcoin continues to consolidate around $43,800, where we are currently facing strong pressure from our 20 EMA. 📊
Due to the unbreakable resistance of the 200 EMA and the persistent upward pressure, Bitcoin has formed an "Ascending Triangle" pattern (🟡yellow triangle) on the 4-hour chart. This is a bullish continuation pattern with a technical price target of over $44,500, which would break any bearish structures.
Such a pattern often occurs after significant movements and usually breaks out in the third quarter, which in this case would be on Saturday or possibly even Friday.
A small issue or opportunity is the aforementioned 20 EMA. We are at the lower trendline of this pattern and are currently being pushed down by the 20 EMA. Either we break this today decisively or fall out of our pattern. 👀
However, other indicators generally show us upward momentum, and the MACD indicates new positive momentum after a small momentum dip.
The next few hours will provide us with a crucial trend, determining the direction in which we break out. The analysis in the 15-minute chart may provide even better insights. 🤝
Trapped within the range (🟠orange box), Bitcoin continues to consolidate around $43,800, where we are currently facing strong pressure from our 20 EMA. 📊
Due to the unbreakable resistance of the 200 EMA and the persistent upward pressure, Bitcoin has formed an "Ascending Triangle" pattern (🟡yellow triangle) on the 4-hour chart. This is a bullish continuation pattern with a technical price target of over $44,500, which would break any bearish structures.
Such a pattern often occurs after significant movements and usually breaks out in the third quarter, which in this case would be on Saturday or possibly even Friday.
A small issue or opportunity is the aforementioned 20 EMA. We are at the lower trendline of this pattern and are currently being pushed down by the 20 EMA. Either we break this today decisively or fall out of our pattern. 👀
However, other indicators generally show us upward momentum, and the MACD indicates new positive momentum after a small momentum dip.
The next few hours will provide us with a crucial trend, determining the direction in which we break out. The analysis in the 15-minute chart may provide even better insights. 🤝