BTC – “Ascending Triangle Pattern”

6-Hour Analysis:

Big Picture: Yesterday, the re-test levels were seen in action. As previously said, BTC found support at the 41k level and is presently making a good bounce. However, on a higher time frame, BTC is forming an ascending triangle pattern, signaling that a major move is about to happen. However, a bit early but bullish breakthrough is expected to set objectives in the 55-59k range, while a bearish breakout is likely to set targets in the 24-22.5 range. There are a few signals suggesting a bullish breakout is more likely than a bearish breakout, but the current geopolitical situation may swiftly shift that preference. BTC needs a weekly closing above 45k to turn back bullish.

On Upside the day’s early resistance is evident around 41850, followed by the significant intra-day resistance at 44250. This level must now be broken on a weekly basis in order to set off a rally towards 45700-46000. This level of 45700 corresponds to the EMA-200 Daily, which is anticipated to operate as a difficult barrier for bulls to breach. If they manage to breach it, expect 47700-49200 levels, followed by 50-53k levels.

The Downside 40800-41000 is still a strong and significant horizontal support for the day. EMA-50 also protects this level. However, if the price manages to break through this support, we are expected to see a decline into 39650, followed by 38800-38000 levels. These levels provide solid support and are expected to restrict the day’s further decline.