BTC Ascending Triangle break up toward 10k end of May or June
BTC moving strongly up in an ascending triangle. 8388 high providing resistance on a few attempts to breach. On the 4hr you can clearly see a distribution strategy happening with strong buying followed by big, but controlled selling a few days later. On the small drops, the .236 fib is holding - on the larger distribution dumps the .5 level so far holding.
I expect this pattern to continue and either break up over the high by end of this week, or, a continuation of this accumulation/distribution exploring the larger triangle and possibly a dip to 6270 to bounce off the .618 fib, scaring bulls, trapping bears, taking us into end of June before we break up and make new highs.
Outlook: Bullish.
I expect this pattern to continue and either break up over the high by end of this week, or, a continuation of this accumulation/distribution exploring the larger triangle and possibly a dip to 6270 to bounce off the .618 fib, scaring bulls, trapping bears, taking us into end of June before we break up and make new highs.
Outlook: Bullish.