BTC/USDT 4H Trend Analysis
Currently, BTC is testing its (blue) triangular trend zone after positive CPI news on August 10th. A bullish breakout of this triangle could lead to a continuation of the major trend momentum (pink lines).
The first major test will be from the orange supply zone resistance created from the previous high on July 30th. If price fails to break this resistance, the white pitchfork will maintain its strength and price could retest its demand zones from the (blue) triangular trend and the yellow pitchfork momentum.
If price successfully breaks passed the first resistance level and the midline of the white pitchfork, bullish pressure could form along with news related to the ETH merge testnet set to occur on August 11. The bullish pressure could push price up to its second resistance zone created from a historical major low.
A longer-term major projection of the crypto market trend can reveal some hints as to how the price momentum is behaving after late August as price approaches its (orange) major diagonal trend resistance.
Currently, BTC is testing its (blue) triangular trend zone after positive CPI news on August 10th. A bullish breakout of this triangle could lead to a continuation of the major trend momentum (pink lines).
The first major test will be from the orange supply zone resistance created from the previous high on July 30th. If price fails to break this resistance, the white pitchfork will maintain its strength and price could retest its demand zones from the (blue) triangular trend and the yellow pitchfork momentum.
If price successfully breaks passed the first resistance level and the midline of the white pitchfork, bullish pressure could form along with news related to the ETH merge testnet set to occur on August 11. The bullish pressure could push price up to its second resistance zone created from a historical major low.
A longer-term major projection of the crypto market trend can reveal some hints as to how the price momentum is behaving after late August as price approaches its (orange) major diagonal trend resistance.
If this support is broken, which it likely will, price movement towards 23300 could be likely before a reversal occurs.