Final decision time for BITCOIN!
It's long/short decision time as descending triangle formation nearly fulfilled. In general, a descending triangle is a bearish continuation pattern but could as well play out as a reversal pattern (we've seen both for BTC in the last months).
technical long target ~48k - first major resistance @38k
technical short target ~14k - first major support 24k
Also, pay attention to the bullish divergence in the RSI.
The green path shows the potential upwards movement after breaking the triangle. The red one shows a possible way to reach the bearish target of 14k.
Tbh, I don’t think we will fall below the 2017 ATH (20k). Actually, the fundamentals are looking not too bad and every dip to or below the 24k area should get bought up very aggressively.
Have a great week.
technical long target ~48k - first major resistance @38k
technical short target ~14k - first major support 24k
Also, pay attention to the bullish divergence in the RSI.
The green path shows the potential upwards movement after breaking the triangle. The red one shows a possible way to reach the bearish target of 14k.
Tbh, I don’t think we will fall below the 2017 ATH (20k). Actually, the fundamentals are looking not too bad and every dip to or below the 24k area should get bought up very aggressively.
Have a great week.
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