Over the past several weeks, the price has surged to levels beyond my expectations. I acknowledge that my previous bearish analyses did not unfold as anticipated. Nonetheless, it's undeniable that the current global macroeconomic trends are concerning. The threat of a recession looms, and a significant downturn in the coming months remains a possibility. Despite the recent impressive rally, I maintain my view that the price will eventually decline. Some may find my perspective unconventional, but divergent thinking can be challenging at times. Although I missed this upward trend, I am confident that the market will eventually move lower. Remember, the trend is your friend, and if you've profited from this uptrend, congratulations!
Currently, the price action is shaping a symmetrical triangle, and it has yet to breach the resistance zone. Should it break above this zone, a rise to
48K is possible. However, bear in mind the presence of a CME gap between $40.5k and $FWB:39K, which is likely to be filled if the price drops below the symmetrical triangle.
Currently, the price action is shaping a symmetrical triangle, and it has yet to breach the resistance zone. Should it break above this zone, a rise to
48K is possible. However, bear in mind the presence of a CME gap between $40.5k and $FWB:39K, which is likely to be filled if the price drops below the symmetrical triangle.Note
There is too much sell pressure at the resistance zone!Note
After breaking the resistance zone, as expected, the price rose to 48k. Currently, I anticipate the CME gap will be filled soon.
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