Bitcoin entered the rectangle on 19th May, and it's now been 2 months by the end of this week.
At first, it was looking like a play button (pennant) but it later morphed into the rectangle with the boundaries 30K-41.5K.
Now for the weeks the bitcoin is trading between 32K-36K which is the lower boundary of the bigger rectangle.
What it tells me, there is a strong buying at 32K but once it's violated and BTC got closed below 30K. we will be having the same problem while breaking it upward stronger the support stronger it turns into resistance.
It is very easy to trade a range, you buy support sell the resistance, but this range is really weird that I won't trade it until it takes a complete side.
BTCUSD
At first, it was looking like a play button (pennant) but it later morphed into the rectangle with the boundaries 30K-41.5K.
Now for the weeks the bitcoin is trading between 32K-36K which is the lower boundary of the bigger rectangle.
What it tells me, there is a strong buying at 32K but once it's violated and BTC got closed below 30K. we will be having the same problem while breaking it upward stronger the support stronger it turns into resistance.
It is very easy to trade a range, you buy support sell the resistance, but this range is really weird that I won't trade it until it takes a complete side.
BTCUSD
