BTCUSDT, The Rising Pennant or The Dip to 47k+

BTCUSDT, The Rising Pennant or The Dip to 47k+.

Resistance is very high at 50k. As of this time of writing, Binance order book is showing about 700 BTC waiting for buyers. And a few hundreds above 49k.

My last chart on "Quick Sharing" had mentioned about resistance at 50k.

Hence, consolidation is necessary. The formation of the rising pennant as the likelihood with 5 waves analysis.

The Volume Profiler red line, POC, can be used as a Stop-Loss line.
Set that at 47.3k. This is a level at above the gravitational line of the (yellow) up channel.

I have yet to see the MAs but looking at this, I guess 50k is possible only when there's a dip to 47k to 48k.

Thereafter, and, if and only if it poke through the 50k, BTC could be already exhausted and need a major retracement.
Perhaps a much lower support than 47k.

Reason: overbought in all interval charts. Plus, overall market bubble which attribute to a logical reasoning for getting ready with the next impulse wave.