Bitcoin (BTC/USD) - 4 Hour - Symmetrical Triangle Broke Out
Bitcoin (BTC/USD) 4 Hour chart: price broke out of the symmetrical triangle to the upside.
Potential resistance prices: $73000, $75000, $80000.
Potential support prices: $64000, $60000, $55000.
Bearish scenario: Price rejection below $74000. Could start a new downtrend if price is rejected again, in the medium-term time frames.
Bullish scenario: Price breakout above $74000. if this happens, a new uptrend would continue likely up to $80000 and beyond.
Note: Some stock indexes (SPY, QQQ) and Gold (XAU/USD) are beginning to show signs of bearish momentum. These assets could affect Bitcoin volatility.
Economic data such as USA GDP and Core PCE inflation data could also affect Bitcoin volatility.
Potential resistance prices: $73000, $75000, $80000.
Potential support prices: $64000, $60000, $55000.
Bearish scenario: Price rejection below $74000. Could start a new downtrend if price is rejected again, in the medium-term time frames.
Bullish scenario: Price breakout above $74000. if this happens, a new uptrend would continue likely up to $80000 and beyond.
Note: Some stock indexes (SPY, QQQ) and Gold (XAU/USD) are beginning to show signs of bearish momentum. These assets could affect Bitcoin volatility.
Economic data such as USA GDP and Core PCE inflation data could also affect Bitcoin volatility.
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All posts are not financial advice.