BTC potential breakout supported by BTC/USD+ETH/BTC price action
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On the 1D chart, BTC/USD recently broke out of a descending wedge (bullish), re-broke above resistance from the trend line formed by 2019-2020 highs (and found support exactly on this trend line two days in a row), broke above the middle band of the Bollinger Band, the MACD has been below 0 for a decent amount of time and is approaching 0 (nearing a cross), and the RSI recently broke out of a descending wedge (bullish).
Also, BTC/USD is consolidating within an ascending triangle (bullish). A breakout to the upside of this triangle is therefore more likely than to the downside (given the nature of the pattern and all the additional factors that support this hypothesis). A breakout of this ascending triangle will most likely be met with major resistance at ~11K where the long term resistance formed by connecting the ATH and the 2019 high and some resistance at ~10.5K (previous longer term high). Speculating what happens when this resistance is met is not the focus of this idea though, and I do not believe that there is enough information yet to point to a probable short term outcome.
Additionally, this seems to be supported by price action on the ETH/BTC pair.
As Ethereum's gains today have allowed it to break out of a symmetrical triangle on the ETH/USD pair while BTC continues to consolidate, ETH is now pushing on the resistance of a symmetrical triangle in the ETH/BTC pair.
However, ETH's 4H MACD and RSI seem to signal overbought conditions in the short run.
(There still appears to be room for growth in the medium run as daily MACD just crossed above 0 and RSI recently broke out of a descending trend)
(Insight into the ETH projection visible on the above charts is available in another of my ideas available here.
Given that ETH is at a critical resistance zone against BTC, if ETH were to break out of this pattern, it would likely result in a retest of previous resistance for support (especially considering overbought conditions in the short run). If it were to not break out of this pattern yet, ETH/BTC is likely to drop. In either case, unless ETH reverses its gains for today, this would imply that BTC/USD is likely soon to rise since ETH/BTC is likely to drop soon.
Therefore we may expect a potential short term rise in BTC/USD given the action on such chart and the action on ETH/BTC chart.
Also, BTC/USD is consolidating within an ascending triangle (bullish). A breakout to the upside of this triangle is therefore more likely than to the downside (given the nature of the pattern and all the additional factors that support this hypothesis). A breakout of this ascending triangle will most likely be met with major resistance at ~11K where the long term resistance formed by connecting the ATH and the 2019 high and some resistance at ~10.5K (previous longer term high). Speculating what happens when this resistance is met is not the focus of this idea though, and I do not believe that there is enough information yet to point to a probable short term outcome.
Additionally, this seems to be supported by price action on the ETH/BTC pair.
As Ethereum's gains today have allowed it to break out of a symmetrical triangle on the ETH/USD pair while BTC continues to consolidate, ETH is now pushing on the resistance of a symmetrical triangle in the ETH/BTC pair.
However, ETH's 4H MACD and RSI seem to signal overbought conditions in the short run.
(There still appears to be room for growth in the medium run as daily MACD just crossed above 0 and RSI recently broke out of a descending trend)
(Insight into the ETH projection visible on the above charts is available in another of my ideas available here.
Given that ETH is at a critical resistance zone against BTC, if ETH were to break out of this pattern, it would likely result in a retest of previous resistance for support (especially considering overbought conditions in the short run). If it were to not break out of this pattern yet, ETH/BTC is likely to drop. In either case, unless ETH reverses its gains for today, this would imply that BTC/USD is likely soon to rise since ETH/BTC is likely to drop soon.
Therefore we may expect a potential short term rise in BTC/USD given the action on such chart and the action on ETH/BTC chart.
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Entering the projected range just in time!
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