BTC bullish to about 27k?

1 במרץ 2023

BTC has been in an interesting consolidation lately but seems to really be tightening lately. Looks like a symmetrical triangle on declining volume that can move to 26.7k on a break up. These are usually continuation patterns so I am bullish on this pattern until invalidation. The stock market has made its move down lately and is at support. There's not a clean setup on it yet, but I am expecting it to bounce from support giving BTC the relief it needs to beat 25k. If this pattern fails, I will look for the 19.8k-20k level. That is the downside target.

1 במרץ 2023

הערה

Here is the declining volume on the weekly view.

2 במרץ 2023

הערה

This setup requires that the stock market bounce from where it is. If it fails, then this setup will break down to the 19.8k level

3 במרץ 2023

הערה

BTC update: We have broken down out of the pattern in a spike in sell volume. Its possible we close the dilay back in the patttern, but I think it really unlikely. I am starting to look for the 20k area aftter todays close

10 במרץ 2023

הערה

This pattern has failed and we have hit our 19.8k target