BTC l DAILY l OUTLOOK
Looking back at May 16th TA & May 22nd that was sent on BTC the following was stated:
MAY 16th
“BTC currently looks to be in a descending triangle pattern which usually means continued movement to the downside. We are also sitting on a support and resistance level of 29.5k.
1. BTC is overall bearish need to see a break about 200 EMA
2. BTC looks to be in a descending triangle pattern.
3. We need to see a higher low formed and a break through major zone 31.5k - 32.5k.”
MAY 22nd
DAILY TAKEAWAYS:
1. BTC broke out of descending triangle and now is trending in a consolidated form ( 28.5k - 31.5k)
2. BTC has consolidated in this same area months back for about 3 months before making a distinctive move to the upside.
3. Which way do you think we are going to break too?
MAY 25th
1. BTC is still in a ranging consolidation stage. As stated prior this has happened for three months last time we were in this zone.
2. Nothing really new to add....
TODAYS TAKEAWAYS:
1. BTC broke into 31k zone but is still trending in a consolidated state.
2. Need to see a break through 32.5k - 33.5 k zone
MAY 16th
“BTC currently looks to be in a descending triangle pattern which usually means continued movement to the downside. We are also sitting on a support and resistance level of 29.5k.
1. BTC is overall bearish need to see a break about 200 EMA
2. BTC looks to be in a descending triangle pattern.
3. We need to see a higher low formed and a break through major zone 31.5k - 32.5k.”
MAY 22nd
DAILY TAKEAWAYS:
1. BTC broke out of descending triangle and now is trending in a consolidated form ( 28.5k - 31.5k)
2. BTC has consolidated in this same area months back for about 3 months before making a distinctive move to the upside.
3. Which way do you think we are going to break too?
MAY 25th
1. BTC is still in a ranging consolidation stage. As stated prior this has happened for three months last time we were in this zone.
2. Nothing really new to add....
TODAYS TAKEAWAYS:
1. BTC broke into 31k zone but is still trending in a consolidated state.
2. Need to see a break through 32.5k - 33.5 k zone
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