BTCUSD has been trading in a symmetrical triangle over the last ten days, printing lower highs and higher lows. This signals indecision in the market while the latest big correction is being digested. Any big news could tip us either way, whilst bouncing within the triangle still offers good swing/intraday opportunities.
A break to the downside will likely lead to a further correction to the low 20s. My guesstimate is this may happen tomorrow (May 30th) or next Sunday. (A or B)
A break to the upside will likely lead to a rally into 50s. (C)
So what?
I'll be waiting for confirmation either way, my preferred path would be (D) as I'm still bullish overall but think that a further correction is needed on the weekly. Else will buy the retest on path C.
What's your likelier scenario?
A break to the downside will likely lead to a further correction to the low 20s. My guesstimate is this may happen tomorrow (May 30th) or next Sunday. (A or B)
A break to the upside will likely lead to a rally into 50s. (C)
So what?
I'll be waiting for confirmation either way, my preferred path would be (D) as I'm still bullish overall but think that a further correction is needed on the weekly. Else will buy the retest on path C.
What's your likelier scenario?