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.
Follow us for more detailed analysis on all markets, including Decentralised technology:
Subscribe to our newsletter, with daily content free for a limited time only:
Join our Facebook group and speak with likeminded traders:
Like our Facebook page for future updates:
The information on this website is for general information purposes only. It is not intended as legal, financial and/or investment advice and should not be construed and/or relied on as such. Before making any commitment of a legal and/or financial nature you should seek advice from a qualified and registered legal practitioner and/or financial and/or investment adviser. No material contained within this website should be construed or relied upon as providing recommendations in relation to any legal and/or financial product. Qluster does not recommend and/or endorse products and does not receive remuneration based upon investment and/or other decisions by our email recipients, publications, newsletter or website users.