🔥 Bitcoin Breaking Out: Bull Trend Continued?
Diupdate
Last night I made an analysis on the potential movement of Bitcoin in the coming hours. Please take a look for reference:
I argued that there was a substantial chance that BTC would follow the pennant pattern and make a downward leg today. As of this morning, we're being greeted by a very strong bullish candle right through the pennant's resistance line. Strong break out candles like this are often a sign of a break out being valid.
The next couple of hours are going to be important. I'm expecting some sort of consolidation around the resistance line before BTC will make a final move, either up or down.
In case of a bullish move, the next major resistance is 40k, which we even might hit today. Technicals seem strong enough to break through 40k. The real deal is going to be 42k. If BTC manages to break 42k there's little in the way to stop BTC from reaching 50k in June.
On the other hand, this might as well be a fake-out. Although, the last couple of major candles make it seem like a legit break out of the pennant.
I'm still waiting for confirmation. 39k being the first hurdle for BTC to take in the coming few hours.
Happy trading!
I argued that there was a substantial chance that BTC would follow the pennant pattern and make a downward leg today. As of this morning, we're being greeted by a very strong bullish candle right through the pennant's resistance line. Strong break out candles like this are often a sign of a break out being valid.
The next couple of hours are going to be important. I'm expecting some sort of consolidation around the resistance line before BTC will make a final move, either up or down.
In case of a bullish move, the next major resistance is 40k, which we even might hit today. Technicals seem strong enough to break through 40k. The real deal is going to be 42k. If BTC manages to break 42k there's little in the way to stop BTC from reaching 50k in June.
On the other hand, this might as well be a fake-out. Although, the last couple of major candles make it seem like a legit break out of the pennant.
I'm still waiting for confirmation. 39k being the first hurdle for BTC to take in the coming few hours.
Happy trading!
Catatan
Strong break out on the 4H chart, we're going for 40k today.Catatan
BTC falling back into the pennant. Seems like either a fake out, or that the trend is exhausted for a while. First being bearish, second bullish.Want to see a proper break out through 40k before being bullish again. On the other hand, if we fall below 38k this might be a very strong sign for a fake out.
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