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Are you ready to take your trading to the next level? At Extreme Investor Network, we provide expert analysis and unique insights to help you navigate the volatile world of the stock market, trading, and Wall Street. Our team of experienced professionals is here to guide you every step of the way, ensuring you make informed decisions and maximize your profits.
Choppy Range Trading Likely to Continue
Are you noticing choppy and range-bound price action in the market? If so, you’re not alone. Bitcoin’s consolidation range is currently forming a bullish pennant or a small symmetrical triangle, as defined by purple trendlines on the chart. Keep an eye on the orange 50-Day MA and an internal trendline near the lower end of the pattern for guidance going forward. The 50-Day line, currently at 63,456, will play a crucial role in determining the next moves in the market.
Bull Pennant in Place
With a bull pennant in a rising trend, we anticipate an upside breakout as the dominant trend continues to influence the market. While the pennant is relatively new and needs time to develop momentum, the apex of the triangle on May 7 hints at an impending breakout before this date. Keep track of Bitcoin’s movements and watch for a rally above last week’s high of 71,790 to confirm the breakout.
Possible Double Top
On the flip side, a possible bearish double top could be forming in place of the bullish pennant. However, this pattern won’t hold much weight unless confirmed by a breakdown trigger. Look for a drop below the most recent swing low at 60,771 to confirm the double top formation. Keep a close eye on the lower boundary line for a decisive decline, as the price of the line is rising and timing is crucial in this scenario.
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