Update:
we had the nice run up followed by the usual pullback, question is where is price likely to go now. currently holding this support which was previously a consolidation channel. so it is nice to see it holding up for the moment.
however, the more times a support is tested the higher the chances we will break and there are so many targets for the downside scenario.
if we break this line then I do think the blue line will hold as well at least for a a couple of tests. I also think if we don't see a retest on the yellow line, a break of the blue line will be the perfect short entry.
in terms of structure we have made higher lows and lower highs which indicates we are in a narrowing channel probable forming a triangle for a breakout. as you can see and I think we should actually have a nice break. I honestly can't tell which direction I think it is going. the market sentiment is bearish so I would probably go for a move to the downside. but trading the breakout means you don't need to favour a direction just trade what the chart shows us.
with the volume coming in on Monday we should see a nice push to one direction so lets see but so far this is what im looking at for BTC
we had the nice run up followed by the usual pullback, question is where is price likely to go now. currently holding this support which was previously a consolidation channel. so it is nice to see it holding up for the moment.
however, the more times a support is tested the higher the chances we will break and there are so many targets for the downside scenario.
if we break this line then I do think the blue line will hold as well at least for a a couple of tests. I also think if we don't see a retest on the yellow line, a break of the blue line will be the perfect short entry.
in terms of structure we have made higher lows and lower highs which indicates we are in a narrowing channel probable forming a triangle for a breakout. as you can see and I think we should actually have a nice break. I honestly can't tell which direction I think it is going. the market sentiment is bearish so I would probably go for a move to the downside. but trading the breakout means you don't need to favour a direction just trade what the chart shows us.
with the volume coming in on Monday we should see a nice push to one direction so lets see but so far this is what im looking at for BTC
