After weeks of waiting, BTC finally breaks the symmetrical triangle and this time it goes above and here we discuss the potential outcome of this breakout and both the bullish and bearish target based on the Fib. Retracement, Keltner Channel, as well as the Wyckoff Accummulation (2) manuever as orchestrated by the whales
Conclusion/TL;DR :
If we saw Bitcoin Close (D) above 38K, then we confirm a breather (Rejection in on out of 3 resistance (40k/42k/46-50k) is possible) and possibly the continuation of the bullrun
If It close below, then this breakout is 99% a fakeout and we continue the prolonged correction
Scenario 1 (Bullish)/Close daily above 38K
1. To confirm this potential breakout, first retest back down to the top of the sym. triangle at 38k
2 a. After we retest and able to close daily candle above 38K, the breakout is confirmed (Rejection at resistance along the way is still possible tho)
3.a Once confirmed, the breakout target is aprx. to at least 44k (top of Keltner c.) and at best 50k/near 0.618 fib
4.a If we got heavily rejected at this resistance (44-51.5K), a big pullback is expected, even to below 40k if not then we continue the bullrun
Scenario 2 (Bearish)/Close daily below 38K
2.b. If we fail to close above 38K in daily candle, we will continue the correction in this small bear market
3.b. If we continue to create lower low daily, higher chance of revisiting 31K (Support of ST Phase B)
If NASDAQ dumps at this point then the buy limit wall at 30K will not hold and we will go down under
Conclusion/TL;DR :
If we saw Bitcoin Close (D) above 38K, then we confirm a breather (Rejection in on out of 3 resistance (40k/42k/46-50k) is possible) and possibly the continuation of the bullrun
If It close below, then this breakout is 99% a fakeout and we continue the prolonged correction
Scenario 1 (Bullish)/Close daily above 38K
1. To confirm this potential breakout, first retest back down to the top of the sym. triangle at 38k
2 a. After we retest and able to close daily candle above 38K, the breakout is confirmed (Rejection at resistance along the way is still possible tho)
3.a Once confirmed, the breakout target is aprx. to at least 44k (top of Keltner c.) and at best 50k/near 0.618 fib
4.a If we got heavily rejected at this resistance (44-51.5K), a big pullback is expected, even to below 40k if not then we continue the bullrun
Scenario 2 (Bearish)/Close daily below 38K
2.b. If we fail to close above 38K in daily candle, we will continue the correction in this small bear market
3.b. If we continue to create lower low daily, higher chance of revisiting 31K (Support of ST Phase B)
If NASDAQ dumps at this point then the buy limit wall at 30K will not hold and we will go down under