||BTCUSD|| SET TO REACH 80K IN THE NEXT MOVE!
We are currently sitting in an interesting situation regarding market structure. Two bullish formations have been printed after the price broke out of the current flag formation, only to create one of the shoulders for the H&S formation as depicted in yellow.
Two formations intertwined so perfectly is normally a great sign for the direction the formations dictate, as you are strengthening retail confidence, and bringing 2 groups of strategies together with a bullish sentiment.
in order to be confident prices are to reach our targets, price must break the 71.6K mark and at least test it once. price does of course have to exceed all time highs of 73.9K which will be the last level of resistance before we move back into price discovery mode. I do not think the ATH will post much resistance based on the strength of current market structure.
The MACD is also priming itself for a convergence run once averages break apart as they have been in consolidation for a couple days.
Although my targets are set for both 81K and 87K I do expect price to get stuck once it reaches 80K as it does pose a strong psychological level of resistance.
Thank you for your read, hope you found some new insights and perceptions on the BTC market structure.
Two formations intertwined so perfectly is normally a great sign for the direction the formations dictate, as you are strengthening retail confidence, and bringing 2 groups of strategies together with a bullish sentiment.
in order to be confident prices are to reach our targets, price must break the 71.6K mark and at least test it once. price does of course have to exceed all time highs of 73.9K which will be the last level of resistance before we move back into price discovery mode. I do not think the ATH will post much resistance based on the strength of current market structure.
The MACD is also priming itself for a convergence run once averages break apart as they have been in consolidation for a couple days.
Although my targets are set for both 81K and 87K I do expect price to get stuck once it reaches 80K as it does pose a strong psychological level of resistance.
Thank you for your read, hope you found some new insights and perceptions on the BTC market structure.
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