The result of this trading range will determine June's candle
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Bitcoin is in a triangular market structure on the 4h chart confronting a major multi-month support/resistance level in bright green as resistance, and a weak (but still clearly visible) highly-volatile bottom from after the mini capitulation we saw last month.
Entering the green zone in a healthy breakout move, especially if with significant buying pressure, we can expect June's candle to close with a relatively strong bullish sentiment.
However, if we enter the red zone, I believe we will see Bitcoin tend to continue a more boring / fearful larger-scale consolidation range extending down possible as low as 24 - 30 k USD) for up to another 1 - 3 months after that hypothetical bearish breakout of this pattern.
I've used the 4h chart for this post to give context for that most important resistance level in bright green.
The pattern is being followed on the 1h chart fairly zoomed-out:
Entering the green zone in a healthy breakout move, especially if with significant buying pressure, we can expect June's candle to close with a relatively strong bullish sentiment.
However, if we enter the red zone, I believe we will see Bitcoin tend to continue a more boring / fearful larger-scale consolidation range extending down possible as low as 24 - 30 k USD) for up to another 1 - 3 months after that hypothetical bearish breakout of this pattern.
I've used the 4h chart for this post to give context for that most important resistance level in bright green.
The pattern is being followed on the 1h chart fairly zoomed-out:
Nota
Continuing the trend, we are now testing the bottom of the triangle as support once again.Nota
Confirmation of support on the 1-hour:Nota
bears are making an attempt to break-down outside the trading rangeNota
The three potential outcomes of the next 24 hours I see:Nota
Something has got to break soonNota
We have entered zone #1; waiting for confirmation test of zone 1Nota
closing the a 1-hour candle in the next 1 - 3 hours above 36.7k would be a nice confirmation of support for zone 1.Trade chiuso: obiettivo raggiunto
Firmly entering zone 3, the market appears to need more time before strong re-accumulation begins, leading to possibly rather boring / bearish or sideways month of June.A sudden unexpected impulse of healthy demand / accumulation before the end of the month wouldn't be unwelcome however.
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