looks like a symmetric triangle and "usually" a continuation pattern in the direction of the primary trend (in this case up)
but who knows, we'll see
a break above 40k means continued strength (maybe towards 54k based on trend-based Fib extensions)
a break below 30k could mean major correction - when it is "supposed" to get out of symmetric triangle against the primary trend then that's a signal worth listening to
but who knows, we'll see
a break above 40k means continued strength (maybe towards 54k based on trend-based Fib extensions)
a break below 30k could mean major correction - when it is "supposed" to get out of symmetric triangle against the primary trend then that's a signal worth listening to
Note
The fight is on at the ~30k-ish level.Or at the very least some stalling at 30-ish.
Bears are in control at this point. Bulls probably need to take it beyond 38k to regain control.
By the way if you are new to crypto when people say 30k it could mean plus or minus few thousands. It's not cheating, it's just volatile and a lot of whiplash happening (it's still fairly low volume, immature market in terms of price discovery).
Note
broke down the uptrend channelbroke the 30k but recovered
definitely messy - so personally i am out until it reclaim 34k or breaks 40k with strength
the risk-reward still seem to favor a move towards 54k but who know when (or if we'll get there) -
Trade closed manually
34,400 where it existed the triangle (down) is the line in the sandthere are opportunities on both side in smaller timeframes
but unless price reclaims that level, bulls are in the sidelines
Note
40k level reclaimed on Feb 8 - bullish above that level target of 53-54k
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The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.