BTC broke out of a small triangle formation. The upside is the favorite direction given the uptrend with potential targets indicated on the chart (green lines).
However, if BTC fails to break the diagonal indicated on the chart, we may see a drop to the levels indicated in red.
The bar pattern on the right side of the current PA is only for illustration purpose and gives no guarantee on future PA.
However, if BTC fails to break the diagonal indicated on the chart, we may see a drop to the levels indicated in red.
The bar pattern on the right side of the current PA is only for illustration purpose and gives no guarantee on future PA.
Comment:
As mentioned before, the indicated diagonal failed to provide support, and BTC is heading down for a deeper correction with the possibility of forming a triangle.
Comment:
Still looking for a deeper correction (42k-46k), at this stage BTC is likely to test the support line (lower red). However, this (part of) correction is nearly at it's final stages.