Hello TradingView Family / Fellow Traders,
๐น After a 50% surge from 25,000 to 38,000, BTC has entered a consolidation phase within the confines of a symmetrical triangle, as highlighted in orange.
This development holds significant importance as it aligns closely with a yearly resistance zone between 38,000 and 40,000. The resolution of this pattern will likely dictate market sentiment for the remainder of the year.
๐ Should the triangle break to the upside, confirmed by a daily candle closing above 38,000, we anticipate a bullish continuation targeting the resistance range up to 40,000.
๐ Conversely, a downward break of the triangle, confirmed by a daily candle closing below 35,600, would signify bearish momentum, potentially leading to a substantial correction towards the 30,000 - 32,000 support and demand zone.
For now, we wait! โฑ
Which scenario do you think is more likely to happen? and why?
๐ Always follow your trading plan regarding entry, risk management, and trade management.
Good luck!
All Strategies Are Good; If Managed Properly!
~Richard Nasr
๐น After a 50% surge from 25,000 to 38,000, BTC has entered a consolidation phase within the confines of a symmetrical triangle, as highlighted in orange.
This development holds significant importance as it aligns closely with a yearly resistance zone between 38,000 and 40,000. The resolution of this pattern will likely dictate market sentiment for the remainder of the year.
๐ Should the triangle break to the upside, confirmed by a daily candle closing above 38,000, we anticipate a bullish continuation targeting the resistance range up to 40,000.
๐ Conversely, a downward break of the triangle, confirmed by a daily candle closing below 35,600, would signify bearish momentum, potentially leading to a substantial correction towards the 30,000 - 32,000 support and demand zone.
For now, we wait! โฑ
Which scenario do you think is more likely to happen? and why?
๐ Always follow your trading plan regarding entry, risk management, and trade management.
Good luck!
All Strategies Are Good; If Managed Properly!
~Richard Nasr
This analysis is done using RichTL
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www.RichTL.com
My Telegram Channel
www.t.me/thesignalyst
Best CFD broker
cutt.ly/TickmillReal
We anticipate further upward momentum with the bulls aiming for the 40,000 mark.
The bullish scenario will stay viable unless there is a downward break below the recent H4 low at 37,500.