The Positives:
Bitcoin is moving in a triangle formation, which is a continuation pattern.
Bitcoin is also above the 21D.
The challenges:
1. Bitcoin is at the triangle's resistance, and the yellow Gann angle also acts as resistance.
Possible Outcomes:
1. Bullish breakout. A breach of the 70K level opens the door to price appreciation, possibly as high as 82K.
2. Rejection. If Bitcoin is rejected at resistance, the immediate support levels are:
a. 67.9 – 21D EMA
b. 66K – triangle support.
c. 63.7K – 50D EMA.
d. 60.5K – Orange Gann Angle.
Additional considerations:
The following factors may influence the market participant’s behavior:
a. Mercury is retrograde — Price volatility and overall erratic behavior, especially related to news announcements and communication malfunctions. The retrograde period ends on April 25th.
b. Solar Eclipse – A solar eclipse is not necessarily a “bad omen.” However, it could influence the price. Call it a self-fulfilling prophecy.
c. Mars-Saturn conjunction may exert selling pressure.
Conclusion:
The weekly and daily TFs confirm we are at an uptrend. I am looking for long trades. Whatever happens, let the chart show you the way. If God blesses us with a dip, consider it an opportunity.
Bitcoin is moving in a triangle formation, which is a continuation pattern.
Bitcoin is also above the 21D.
The challenges:
1. Bitcoin is at the triangle's resistance, and the yellow Gann angle also acts as resistance.
Possible Outcomes:
1. Bullish breakout. A breach of the 70K level opens the door to price appreciation, possibly as high as 82K.
2. Rejection. If Bitcoin is rejected at resistance, the immediate support levels are:
a. 67.9 – 21D EMA
b. 66K – triangle support.
c. 63.7K – 50D EMA.
d. 60.5K – Orange Gann Angle.
Additional considerations:
The following factors may influence the market participant’s behavior:
a. Mercury is retrograde — Price volatility and overall erratic behavior, especially related to news announcements and communication malfunctions. The retrograde period ends on April 25th.
b. Solar Eclipse – A solar eclipse is not necessarily a “bad omen.” However, it could influence the price. Call it a self-fulfilling prophecy.
c. Mars-Saturn conjunction may exert selling pressure.
Conclusion:
The weekly and daily TFs confirm we are at an uptrend. I am looking for long trades. Whatever happens, let the chart show you the way. If God blesses us with a dip, consider it an opportunity.
