BTC/USD: Technical Outlook, Edition #7 (30/05/21)
Patience or persistence - read on for more...
Bitcoin is experiencing some lethargic price action over the weekend trading period. In these market conditions, it can be easy to mistake bullish set-ups for fake-outs and vice versa.
Allowing more time for price to consolidate can sometimes identify other formations at play.
Our bullish Head and Shoulders argument has become less likely overnight, as a potential right shoulder broke down further from USD 37K to USD 33K. In doing so, BTC/USD revealed the formation of a new pennant taking the shape of a symmetrical triangle.
The triangle is approximately 80% complete, meaning Bitcoin will soon attempt either a break up to USD 41K or down towards USD 30K or less.
Further, Bitcoin dominance (BTC.D)
This dominance has lately been rising steadily, so the market could be anticipating a dominance play with this next break. Trading altcoins maybe be a better idea until after this pennant has finish consolidating.
See you again for the next update.
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