BTC - Short Term Analysis 2/21
Here we have the micro trend for bitcoin . What is interesting is we have a larger bearish formation forming in the mid term (will be in the next post), but a technical bullish pattern forming in the short term. In my personal opinion I believe the bearish technical outweigh the bullish , but both should be laid out.
From a bullish standpoint. We are forming an ascending triangle which is generally a bullish continuation pattern. We have a flat line of resistance at the top around $25-25.2k (solid black line) and an ascending support trendline (dotted black line). This pattern would be confirmed by breaking above $25,250 and closing at least a 4H candle above $25,400. The measured move would lead us to 27.2k, but I believe we would push up higher into our main key levels between $28-30k.
From a bearish scenario. We have double topped in the short term at the exact same price (25,250). This usually doesn't happen which means there is a big sell wall at that price level. If we break down from this ascending triangle then we should fall to our optimal support zone between the 0.618-0.786 in the short term. Right now it does look like we are breaking our triangle. Upon confirmation close below we should see those lower price levels by end of the week. Will post the daily/weekly outlook for BTC next.
From a bullish standpoint. We are forming an ascending triangle which is generally a bullish continuation pattern. We have a flat line of resistance at the top around $25-25.2k (solid black line) and an ascending support trendline (dotted black line). This pattern would be confirmed by breaking above $25,250 and closing at least a 4H candle above $25,400. The measured move would lead us to 27.2k, but I believe we would push up higher into our main key levels between $28-30k.
From a bearish scenario. We have double topped in the short term at the exact same price (25,250). This usually doesn't happen which means there is a big sell wall at that price level. If we break down from this ascending triangle then we should fall to our optimal support zone between the 0.618-0.786 in the short term. Right now it does look like we are breaking our triangle. Upon confirmation close below we should see those lower price levels by end of the week. Will post the daily/weekly outlook for BTC next.
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