In our previous posts we were outlining the levels for a potential BTC pullback, but after some price development in this region it may be signaling a different story.
Since our high of $123k we have been forming a downwards sloping trendline of sell pressure (dotted white line). At the same time we have seen bulls continue to buy up the dips in our green box.
This has put price in some sort of symmetrical triangle that is currently testing the upper resistance level for a breakout.
If this breakout is successful then the first target would be $122.8k followed by a potential extended move up to around $130k.
If price fails to breakout and we drop below the LTF accumulation zone then the lower levels outline in the previous posts are still valid. For now monitor for a breakout to the upside.
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