BTC is currently forming this pennant structure on the 4H time frame at support. This is a big deal for the whole of crypto and is a key decision point. If BTC breaks this pennant to the down side we will continue creating lower lows back to 35k and most likely 28k. However If BTC breaks to the upside 46-48k will be an important test of resistance to see if we can create a higher high and a change in trend back to 52k+.
Personally I don't have a bias either way. I'm not sure which way this will breakout but I do believe it will have a massive impact on the market for crypto over the next 6+ months. For a scalp trader like myself it is usually best to sit out and wait for more of an understanding intermediate direction of the market.
Personally I don't have a bias either way. I'm not sure which way this will breakout but I do believe it will have a massive impact on the market for crypto over the next 6+ months. For a scalp trader like myself it is usually best to sit out and wait for more of an understanding intermediate direction of the market.