Range or Confirm? Rectangle Bottom Potential
Accounting for wicks, we can see a decent potential for a mid-term range which could lead BTC to form a rectangle bottom. The 30k area has very strong support, as seen by the quick moves upwards from those zones. This leads me to believe in the strength of the bottom of this formation. I am carefully watching to see what happens near the zone indicated by the highlighted area or somewhere else on that line. A good bounce there might just send it up and over the top cyan line. This would mean the price was searching for confirmation on a breakout from the formation created by the diagonal yellow line.
Of course if BTC ignores me all together and just breaks upwards, that would be a good time to start looking for entry points.
Of course if BTC ignores me all together and just breaks upwards, that would be a good time to start looking for entry points.
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