BTC l DAILY l OUTLOOK
Looking back at May 16th TA & May 22nd that was sent on BTC the following was stated:
MAY 16th
“BTC currently looks to be in a descending triangle pattern which usually means continued movement to the downside. We are also sitting on a support and resistance level of 29.5k.
1. BTC is overall bearish need to see a break about 200 EMA
2. BTC looks to be in a descending triangle pattern.
3. We need to see a higher low formed and a break through major zone 31.5k - 32.5k.”
MAY 22nd
DAILY TAKEAWAYS:
1. BTC broke out of descending triangle and now is trending in a consolidated form ( 28.5k - 31.5k)
2. BTC has consolidated in this same area months back for about 3 months before making a distinctive move to the upside.
3. Which way do you think we are going to break too?
MAY 25th
1. BTC is still in a ranging consolidation stage. As stated prior this has happened for three months last time we were in this zone.
2. Nothing really new to add....
MAY 16th
“BTC currently looks to be in a descending triangle pattern which usually means continued movement to the downside. We are also sitting on a support and resistance level of 29.5k.
1. BTC is overall bearish need to see a break about 200 EMA
2. BTC looks to be in a descending triangle pattern.
3. We need to see a higher low formed and a break through major zone 31.5k - 32.5k.”
MAY 22nd
DAILY TAKEAWAYS:
1. BTC broke out of descending triangle and now is trending in a consolidated form ( 28.5k - 31.5k)
2. BTC has consolidated in this same area months back for about 3 months before making a distinctive move to the upside.
3. Which way do you think we are going to break too?
MAY 25th
1. BTC is still in a ranging consolidation stage. As stated prior this has happened for three months last time we were in this zone.
2. Nothing really new to add....
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