What's up guys, welcome to my weekly analysis for BTC Today , so let's get started
As you can see in the daily timeframe, Bitcoin was able to reach the top of the first resistance level for a few days after a sharp move last week, but after hitting the 200-day exponential moving average, it went back down and could not maintain the current level. And did not touch the next key resistance level.
And we see that it printed a low, a high, a HL and a LH, respectively.
So I imagine Bitcoin probably wants to form a symmetrical triangle and, after swinging in it for a while, then break it.
Therefore, it can be in the symmetrical triangle for a while in the trading range phase and then continue to move up or down. Or being a fake break or true break out.
but Otherwise, to invalidate this pattern , it must be able to form another HH or LL as soon as possible and in less than a month.
so in this case it can make a quick move in the short term, or it can attack resistance, or it can first go down to the previous floor to form a double top pattern and then grow.
But keep in mind that if Bitcoin loses this important key support level, it will easily fall to the next key level. (volume gap 24k-26k).
🛑resistance level: $41.7k-$43.2 ///$47k-$49k///$55k-$57.5k /// descending trend lines of triangle
❇️support levels: $36.5-$38k /// $32k-$35k///$ 24k-26k///ascending trend lines of triangle
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👉This analysis is my personal opinion ,not a financial advice ,so do your own research.
💜 if you're a fan of my analyses PLZ follow me ,give a big thumbs 👍 and drop comment 🗯💭
As you can see in the daily timeframe, Bitcoin was able to reach the top of the first resistance level for a few days after a sharp move last week, but after hitting the 200-day exponential moving average, it went back down and could not maintain the current level. And did not touch the next key resistance level.
And we see that it printed a low, a high, a HL and a LH, respectively.
So I imagine Bitcoin probably wants to form a symmetrical triangle and, after swinging in it for a while, then break it.
Therefore, it can be in the symmetrical triangle for a while in the trading range phase and then continue to move up or down. Or being a fake break or true break out.
but Otherwise, to invalidate this pattern , it must be able to form another HH or LL as soon as possible and in less than a month.
so in this case it can make a quick move in the short term, or it can attack resistance, or it can first go down to the previous floor to form a double top pattern and then grow.
But keep in mind that if Bitcoin loses this important key support level, it will easily fall to the next key level. (volume gap 24k-26k).
🛑resistance level: $41.7k-$43.2 ///$47k-$49k///$55k-$57.5k /// descending trend lines of triangle
❇️support levels: $36.5-$38k /// $32k-$35k///$ 24k-26k///ascending trend lines of triangle
--------------------------------------------------------------------------------------------------------------------
👉This analysis is my personal opinion ,not a financial advice ,so do your own research.
💜 if you're a fan of my analyses PLZ follow me ,give a big thumbs 👍 and drop comment 🗯💭
