Here we can see the price consolidating on the weekly chart, trading near a resistance with bullish momentum increasing, and forming a triangle. If the price break the resistance I anticipate a move higher as indicated with the up arrow. As I consider all possible moves the price can make I have a bearish move as my alternative and the probability that the price can remain in this consolidation for a while longer. I use lower timeframes to time entries.
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Go down to a lower timeframe like 4H/1H to see the battle between the bears and bulls in action. There is a lot of uncertainty around Cryptos, we will have to see if al the marketing around BTC prices going to skyrocket will pull in enough newbies to buy and creates a demand.
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37k target reached, next anticipated target 47k.
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Go to my website on my profile to learn more about short timeframe trading, and how I hedge against to offset losses with pullbacks.
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If price can break this 37k level then 47k is on the table.
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Done and dusted as anticipated.
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Price reached as high as 49k before pulling back. Pullback visible lower timeframes.