BTC Daily Update 1 June 2021
Updated
BTC in the 4H chart currently forming an inverse H&S and staying above .5 fib level of recent swing high to current swing low.
If it is to breakout from the key level, it will bring BTC to test its bearish pennant resistance at around 38k.
Otherwise, a rejection will bring the price back down to retest its support at 34k.
MACD is currently indicating BTC is in an upward movement.
If BTC breaks the resistance at 37k, it will have a confirmation move where it will pullback and stay above the resistance before another leg up.
If it is to breakout from the key level, it will bring BTC to test its bearish pennant resistance at around 38k.
Otherwise, a rejection will bring the price back down to retest its support at 34k.
MACD is currently indicating BTC is in an upward movement.
If BTC breaks the resistance at 37k, it will have a confirmation move where it will pullback and stay above the resistance before another leg up.
Trade closed: target reached
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