Bitcoin Tests the Triangle Top — Are Bears About to Return?
As expected in my previous ideas, $BTC rebounded from the lower trendline of the Symmetrical Triangle and started a bullish move.
BTC is now trading near the Potential Reversal Zone (PRZ), the Cumulative Short Liquidation Leverage, and the upper trendline of the Symmetrical Triangle — an important technical confluence.
I expect Bitcoin to begin another bearish move after testing the upper trendline of the Symmetrical Triangle and decline at least toward the key level of $64,000. If BTC successfully breaks below $64,000, the decline could extend toward the Cumulative Long Liquidation Leverage zone.
First Target: $64,103
Second Target: $63,790-$63,380
Stop Loss: $65,140 (Worst case)
Key level to watch: $64,000
Which level do you think Bitcoin will reach first?
$63,790
$65,140
As expected in my previous ideas, $BTC rebounded from the lower trendline of the Symmetrical Triangle and started a bullish move.
BTC is now trading near the Potential Reversal Zone (PRZ), the Cumulative Short Liquidation Leverage, and the upper trendline of the Symmetrical Triangle — an important technical confluence.
I expect Bitcoin to begin another bearish move after testing the upper trendline of the Symmetrical Triangle and decline at least toward the key level of $64,000. If BTC successfully breaks below $64,000, the decline could extend toward the Cumulative Long Liquidation Leverage zone.
First Target: $64,103
Second Target: $63,790-$63,380
Stop Loss: $65,140 (Worst case)
Key level to watch: $64,000
Which level do you think Bitcoin will reach first?
$63,790
$65,140