I've been updating the EW chart for BTC and this is an interesting intersection here. On one hand we have a potential Wyckoff accumulation setup, but on the other hand a triangle at the bottom of a steep move down in EW terms usually means one more shoe to fall. The thing is, a pattern may appear to be a triangle and wind up faking everyone out with the benefit of hindsight. Technically, we would have to take out the low of A inside the triangle at 31,230 in order to confirm the bearish triangle pattern. If that materializes, 27k sticks out to me as it's 618 support of the entire move up.
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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.