BTC Breaks Symmetrical Triangle - More correction to come?
BTC recently broke out of the recent symmetrical triangle that had been forming over the past week. Currently price is headed back up to the lower support line of the triangle for a possible retest.
At this juncture we could see 1 of 3 different things:
1. A retest of the broken support line of the triangle and then further correction down to the 23,800 region where there is a price shelf and demand area. This is also the target of the breakout of the triangle (width of the triangle itself)
2. A fake out where price surges past the support line for further continuation to the upside
3. There is a larger triangle forming and what we just broke out of is a sub-structure.
As the next day or two unfolds it will be clearer which scenario is playing out.
Overall this could be a nice correction that provides some additional energy for another upward thrust for a wave 5 of this current wave sequence.
Stay tuned.
At this juncture we could see 1 of 3 different things:
1. A retest of the broken support line of the triangle and then further correction down to the 23,800 region where there is a price shelf and demand area. This is also the target of the breakout of the triangle (width of the triangle itself)
2. A fake out where price surges past the support line for further continuation to the upside
3. There is a larger triangle forming and what we just broke out of is a sub-structure.
As the next day or two unfolds it will be clearer which scenario is playing out.
Overall this could be a nice correction that provides some additional energy for another upward thrust for a wave 5 of this current wave sequence.
Stay tuned.