BTC - Short Term Scenarios
Right now BTC is forming some sort of symmetrical triangle on the 1H timeframe. Depending on how you draw it, BTC could still be in the pattern (Solid orange triangle) or has recently broken down from the triangle (Dotted orange triangle). I have included some initial price targets both to the upside and downside on the chart to the left.
My prediction is the chart on the right is the correct pattern and we should have a breakdown soon. This is because there is more confluence with the support and resistance of this triangle. BTC is very overbought and experiencing some weakness on the lower timeframes while the higher timeframes still look fairly strong.
Normally, after a large impulse up into a symmetrical triangle BTC experiences continued upside price movement. Therefore, if we end up breaking through the top of the triangle (in pattern #1) we would see those upside price targets.
In conclusion, BTC looks weaker in the current moment but there is a chance we do break higher depending on which triangle pattern we are in.
My prediction is the chart on the right is the correct pattern and we should have a breakdown soon. This is because there is more confluence with the support and resistance of this triangle. BTC is very overbought and experiencing some weakness on the lower timeframes while the higher timeframes still look fairly strong.
Normally, after a large impulse up into a symmetrical triangle BTC experiences continued upside price movement. Therefore, if we end up breaking through the top of the triangle (in pattern #1) we would see those upside price targets.
In conclusion, BTC looks weaker in the current moment but there is a chance we do break higher depending on which triangle pattern we are in.
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