RazorRenegade 1 minutes reading from Bitcoin

Key Bitcoin Price Levels for the Week Ahead

1. Here is some traditional technical analysis on BTC. We recently broke out of a large descending trendline followed by a rejection off the golden pocket on the daily. Currently, we're forming an ascending wedge with a technical breakdown target of 17.1k. BTC Crypto

2. I can see us dropping down to 19.4k for a back test of the macro descending trendline. However, we could also move up from here to retest the golden pocket as we're headed into the weekend.

3. There is also a great deal of liquidity resting around 19.4k + mitigation of an important HTF order block. If the buyers manage to hold that level, we will then move back up to test the golden pocket for a second time.

4. However, please keep in mind that a bounce from 19.4k is not a confirmed macro buy. We still have the golden pocket, another large descending trendline, and the top of the ascending wedge as resistance.

5. I believe if we break all those resistances, it can lead to a dead cat bounce. A great trade opportunity none the less.

This post is based on this twitter thread.


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