BTC Slight Ascending Triangle - Breakout Up/Down Next 7-9 Hours
We are in a slight ascending triangle at 9 degrees on the hourly chart. Volatility drops by about 25% each swing indicating short term consolidation prior to breakout later today. VFI indicates short term bearish trend but long term sentiment is still bullish, the breakout may retest 44k but can't rule out break north and retesting 47 and 48k.
Would watch closely when Asia markets reopen in about 5/6 hours. I'm not confident in bullish or bearish movements short term so recommend waiting until closer to 1700 EST to decide whether to long or short. I'll update this then.
Long term remain bullish but corrections are still occuring from the Elon/Tesla effect over the past month which reported around 13% divergence north from pre-Elon trend. Note my linked TA, I estimated 60k by second week of March but the past two days -slightly- invalidated that forecast by dipping slightly lower than projected. Short term bearish sentiments should flip to long term bullish and 60k still expected in March but may slight right slightly to week 3 or 4.
Note- as always I like to remind everyone I've only been dabbling in TA for a few months, feedback always super welcome.
Would watch closely when Asia markets reopen in about 5/6 hours. I'm not confident in bullish or bearish movements short term so recommend waiting until closer to 1700 EST to decide whether to long or short. I'll update this then.
Long term remain bullish but corrections are still occuring from the Elon/Tesla effect over the past month which reported around 13% divergence north from pre-Elon trend. Note my linked TA, I estimated 60k by second week of March but the past two days -slightly- invalidated that forecast by dipping slightly lower than projected. Short term bearish sentiments should flip to long term bullish and 60k still expected in March but may slight right slightly to week 3 or 4.
Note- as always I like to remind everyone I've only been dabbling in TA for a few months, feedback always super welcome.
Comment:
Looks like we broke south of the triangle. Small short opportunity, I imagine we'll bounce off the 45 or 44k again.
