Bitcoin updates the high to 44600 and forms a correction after a local false break of resistance 44490.
But at the same time, this correction forms a key support area near 40500 and begins to consolidate within a symmetrical channel. This setup, amid a strong bullish trend and positive fundamentals may play a key role in the continuation of growth towards the global target of 49K.
The following two tandems are most important at the moment:
1) 42К level and triangle support. Consolidation of the price below 42000 with the subsequent break of the triangle will form a decline to 40500-40000. But relative to this area may be followed by a false breakdown with subsequent growth
2) 42К level and triangle resistance. At the moment consolidation is forming above 42000. So it is important for us to wait for a retest of the pattern resistance followed by a breakout, which could give a strong bullish impulse
But at the same time, this correction forms a key support area near 40500 and begins to consolidate within a symmetrical channel. This setup, amid a strong bullish trend and positive fundamentals may play a key role in the continuation of growth towards the global target of 49K.
The following two tandems are most important at the moment:
1) 42К level and triangle support. Consolidation of the price below 42000 with the subsequent break of the triangle will form a decline to 40500-40000. But relative to this area may be followed by a false breakdown with subsequent growth
2) 42К level and triangle resistance. At the moment consolidation is forming above 42000. So it is important for us to wait for a retest of the pattern resistance followed by a breakout, which could give a strong bullish impulse