BTC/USD: Technical Outlook, Edition #8 (31/05/21)
Read on for Memorial Day analysis of BTCUSD
Bitcoin consolidates inside a symmetrical triangle-like pennant on the H4 chart and will be gearing up to move shortly.
Within the next 24 – 72 hours, BTC/USD will determine whether our bulls have another chance at re-visiting USD 41K or if the bears are going to get their opportunity at a leg down to USD 30K.
It is crucial not to take on too much risk until there is a confirmation of an upside or downside break. At 75% completion, most consolidation patterns are ready for their next move up or down. In theory, the higher a trading timeframe and the longer time spent consolidating, the more explosive the break is likely going to be.
Tonight will be a particularly significant US trading session for Bitcoin as the dominant regulated futures trading exchanges return online. Considering it is Memorial Day in the US, we don’t expect to see too much volume or volatility during the trading session.
See you again for the next update.
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