The current pattern is a triangle that is forming just above the 30k support.
Although triangles often continue moving in the direction of the trend, the shape of the triangle gives other signals.
The higher lows in bearish triangles are usually not as bullish as seen in the current triangle. This also applies to the higher highs.
The price is currently in the funnel (between the white lines), which is an indecision zone. In bullish scenarios, the price often creeps up towards the upper line of the funnel.
If 43k breaks, my setup expects an explosive bullish move with a short-term target of 53k.
However, be careful of fake-outs around the 43k level.
Although triangles often continue moving in the direction of the trend, the shape of the triangle gives other signals.
The higher lows in bearish triangles are usually not as bullish as seen in the current triangle. This also applies to the higher highs.
The price is currently in the funnel (between the white lines), which is an indecision zone. In bullish scenarios, the price often creeps up towards the upper line of the funnel.
If 43k breaks, my setup expects an explosive bullish move with a short-term target of 53k.
However, be careful of fake-outs around the 43k level.