BTC - Current Pattern Identified
With the current trend on the LTF (1H) we see a clear triangular pattern forming. This is because we have a series of lower highs as well as a series of higher lows. Price is nearing the apex and will soon see a breakout to the upside or to the downside. Once we see a higher high form or a lower low we should know the short term direction.
Depending on which way we break I have two yellow lines that represent the liquidation level of the highs and lows. It would also represent the mouth of the triangle whether to the upside or downside break.
Depending on momentum we could also see the 1.618 of the upside or downside achieved. If we breakout price could see an expansion to just slightly below 100k, and if price breaks down we could see an expansion target just slightly below 80k.
Depending on which way we break I have two yellow lines that represent the liquidation level of the highs and lows. It would also represent the mouth of the triangle whether to the upside or downside break.
Depending on momentum we could also see the 1.618 of the upside or downside achieved. If we breakout price could see an expansion to just slightly below 100k, and if price breaks down we could see an expansion target just slightly below 80k.
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