Using the "Corona"-Trendline as springboard for higher highs
The falling wedge breakout was stopped by the grey-drawn triangle surrounding it. With this rejection the following is likely to happen:
BTC may come down a few hundred dollars to around 9150$ then catch support at the still reliable "Corona"-trendline.
This orange-drawn trendline is holding from march until today.
Additionally this price level aligns with the 61.8% Fibonacci-retracement of the falling wedge breakout and should be turning point.
After that, hopefully powerful, bounce from 9150$, I'm expecting the break of the grey triangle to the upside around June 8.
Symmetrical trianlges like this one are tending to break by reaching 60% of the way to the apex. This would match the ratio of 40 to 67 days in length within the triangle.
Looking at the Hash Ribbons indicator, BTC should be gaining back it's power so that we might see the buying signal around these days, which would increase the likelihood of going further upwards.
BTC may come down a few hundred dollars to around 9150$ then catch support at the still reliable "Corona"-trendline.
This orange-drawn trendline is holding from march until today.
Additionally this price level aligns with the 61.8% Fibonacci-retracement of the falling wedge breakout and should be turning point.
After that, hopefully powerful, bounce from 9150$, I'm expecting the break of the grey triangle to the upside around June 8.
Symmetrical trianlges like this one are tending to break by reaching 60% of the way to the apex. This would match the ratio of 40 to 67 days in length within the triangle.
Looking at the Hash Ribbons indicator, BTC should be gaining back it's power so that we might see the buying signal around these days, which would increase the likelihood of going further upwards.