Hello everyone!
As we can see price was squeezing in ascending triangle,finally yesterday price managed upside breakout at the same time broken our resistance (red downward sloping trendline)
Retail traders get excited after seeing this breakout and ofc youtubers (moonboyz) add fuel to the fire)) tbh I wont surprise if price reverses after trapping these traders! Short term might be bullish but as long as price below MA200 and Macro side risky because of rate hikes we have zero confirmation that the downtrend is over! Stay safe..
Important events for crypto:
1) House of Representatives committee schedules hearing on stablecoins for February 8
2) US Senate slates hearing on stablecoins for February 15
As we can see price was squeezing in ascending triangle,finally yesterday price managed upside breakout at the same time broken our resistance (red downward sloping trendline)
Retail traders get excited after seeing this breakout and ofc youtubers (moonboyz) add fuel to the fire)) tbh I wont surprise if price reverses after trapping these traders! Short term might be bullish but as long as price below MA200 and Macro side risky because of rate hikes we have zero confirmation that the downtrend is over! Stay safe..
Important events for crypto:
1) House of Representatives committee schedules hearing on stablecoins for February 8
2) US Senate slates hearing on stablecoins for February 15
