Patterns are respresentations of mass psychology.
In this case you can see price action that resembles a rising wedge.
Patterns don't need to be super obvious for them to resolve, I like my chances better when patterns don't catch attention.
Will there be a catalyst for the downturn?
Just ask yourself the question. What would happen if the price would drop just one sat below the line? Will it go back up, like nothing happened?
Or will it activate all the stops that have been accumulating over the past month..
Or will it surge down in a stoploss pool of blood.
Or will it bounce on a discreet level meters below the line of doom catching you...
Current situation
Putting all the indicators and pattern analysis aside for a moment..
We got this huge resistance at 5900-6000 that held for months. Above this resistance rests the biggest liquidity pool of the chart:
1. Stoploss orders of people that have currently are in a short position.
2. Buy orders of people that want to go long after a break of this...
Are we breaking the falling wedge?
Not yet.
However both BTT/BTC and BTT/USDT are showing signs of bottoming, BTT/USDT is a bit ahead of BTT/BTC and will naturally soon see a small retracement. Between 6850-7000sats is a perfect spot to bounce back to the lower ranges. Here you can see several candlewicks touching, meaning there is a lot of liquidity to be found...
Daily chart showing a clear bullish pennant forming. Wait for breakout and buy on retest. Breakout could lead to a long opportunity with +10% profit. Stop loss should be placed on the lower trendline of the pennant.
