I mapped key support and resistance levels on this chart as a point of reference for the coming days.
At a higher timeframe I'm watching for the possibility of an expanding wedge, which could technically serve as a macro continuation pattern, but my confidence level isn't high yet and I'll examine lower timeframes and on-chain for supporting data. In the meantime, I'm hoping the upper $50k range will serve as the bottom in this pattern, although we could accommodate a drop to lower $50k range before I get concerned about the possibility of a local top for the cycle.
At a higher timeframe I'm watching for the possibility of an expanding wedge, which could technically serve as a macro continuation pattern, but my confidence level isn't high yet and I'll examine lower timeframes and on-chain for supporting data. In the meantime, I'm hoping the upper $50k range will serve as the bottom in this pattern, although we could accommodate a drop to lower $50k range before I get concerned about the possibility of a local top for the cycle.
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Disclaimer
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.