escape plan for Bitcoin : on the edge of the precipice?
As of last week, Bitcoin (BTC) is still ranged above its daily support (green at $ 46,000 on the chart) and still fails to take a clear direction.
However, a big movement is expected to take place again in the next few days, if not the next few hours that could be a litteral collapse in price
Care will have to be taken that the price finally manages to bounce off the very important support at 46,000. $. Indeed, this level having been used on multiple occasions of support then of resistance, it will have to be held again in the coming days.
A bullish rebound would confirm a complete pullback on the top of the pattern in yellow, before finally setting off again in the coming weeks towards the bullish target.
As a reminder, if the support of $ 46,000 were to give way, a return of the price to the next support at $ 40,000 should be considered.
Towards a triangle break in the next few hours?
On the 4h chart, we can observe for several days a price compression inside a continuation triangle.
If in general the breakout is more likely to be from the bottom (hence the name "continuation" depending on the trend), it is still necessary to wait for the price to break its support or resistance to determine the target price, the market being more uncertain than ever.
If the price breaks the triangle trendline from below, then the target will be at $ 42,300, just above the next daily support. and may continue to fall until the decisive level of 34 000, set as a target, will be hit.
Either way, the compression in the triangle is coming to an end, so a big move should happen in the next few hours.
However, a big movement is expected to take place again in the next few days, if not the next few hours that could be a litteral collapse in price
Care will have to be taken that the price finally manages to bounce off the very important support at 46,000. $. Indeed, this level having been used on multiple occasions of support then of resistance, it will have to be held again in the coming days.
A bullish rebound would confirm a complete pullback on the top of the pattern in yellow, before finally setting off again in the coming weeks towards the bullish target.
As a reminder, if the support of $ 46,000 were to give way, a return of the price to the next support at $ 40,000 should be considered.
Towards a triangle break in the next few hours?
On the 4h chart, we can observe for several days a price compression inside a continuation triangle.
If in general the breakout is more likely to be from the bottom (hence the name "continuation" depending on the trend), it is still necessary to wait for the price to break its support or resistance to determine the target price, the market being more uncertain than ever.
If the price breaks the triangle trendline from below, then the target will be at $ 42,300, just above the next daily support. and may continue to fall until the decisive level of 34 000, set as a target, will be hit.
Either way, the compression in the triangle is coming to an end, so a big move should happen in the next few hours.
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