We are clearly close to a big move in BTC. The price is narrowing down a triangle with volume reaching very low levels again. Last time it happened we've experienced the break from 6k to ~3k.
Also the blue box area shows what might be starting to look like a Wyckoff accumulation pattern supported on the weekly 200MA (not in the chart above). Normally, after accumulation comes a price markup phase.
We'll have to wait and see. It is possible to see a run to near 5k levels and then drop further down if it can't sustain which might lead us sub 3k.
There is a lot of resistance a around 5k levels and also the previous resistance trendline.
Let's see how it plays out.
Also the blue box area shows what might be starting to look like a Wyckoff accumulation pattern supported on the weekly 200MA (not in the chart above). Normally, after accumulation comes a price markup phase.
We'll have to wait and see. It is possible to see a run to near 5k levels and then drop further down if it can't sustain which might lead us sub 3k.
There is a lot of resistance a around 5k levels and also the previous resistance trendline.
Let's see how it plays out.
Trade closed: target reached:
So far so good. We reached the resistance. Took a bit more time but got there as predicted. Lets see how it goes from now on.