BitcoinLong
BTC Daily Bullish Pennant Formation
This is the daily chart for BTC/USD. BTC appears to be trading inside a triangle after a large bullish impulse. Price is currently trying to regain the 50 simple moving average (yellow line). If BTC breaks the 50 day simple moving average, I expect the price to break out of the pennant forming and test higher highs. RSI is nuetral at 52 at time time of publishing. Price action has maintained candle closes on the daily above 92k.
Target for the next leg up is the 1.618 extension from the most recent High to swing low. This would put the PA around 120k.
NFA, do your own DD.
Thanks for viewing the idea.
Target for the next leg up is the 1.618 extension from the most recent High to swing low. This would put the PA around 120k.
NFA, do your own DD.
Thanks for viewing the idea.
Note
Here we can see the daily price action breaking back above the 50 day simple moving average, testing the descending resistance and rejecting, and then checking the 50 simple moving average for support. The PA found support at the 50 sma and is currently trading between the descending resistance and the 50 sma.
Note
4h trend break and a 50-100-200 sma cross impending
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