BTCUSD
/
XBT
Has been in a complex combination correction for sometime and appears to be preparing for the final leg which will make sense as CME Futures are expiring today. We can see a triangle forming an on the hourly and price is approaching the point where it will either have to breakout or breakdown. This pattern is a typically bearish one but I included the bullish triangle as well in case my count is off... In the bearish scenario, we have one more leg up before the final much larger leg with will take us below sub $10K levels again or price may breakout of resistance for a $12K-$13k retest extending the correction further and providing fuel for resuming the larger bullish uptrend we all know an love. No trade recommendations at the time, just scalping at the moment and advising caution (nows a great time to sit back and enjoy the show). Play both sides and don't get burnt. I'll be sharing more thoughts on BTC in the coming days so stay tuned and check out my telegram channel for more: t.me/cryptoswitch
Expanded on this idea a bit. Check if out if you're into wave theory/complex corrections etc.