Daily bullish dragon challenging the arc

10 ม.ค. 2023

This is the sequel of our previous ideas in which we saw the arc having confined BTC within it and a 4H-timeframe bullish dragon.

BTC gained bullish momentum after getting out of the arcs' crosspoint, forming the LTF dragon pattern.
17200 resistance has already been touched, likely to be broken.
17600-17900 is another solid resistance zone. So we could eye profit shorting from there.

But the daily chart indicates BTC already has formed another same bullish formation which could develop into as high as 20.18k as the 0.786 retracement level, or even higher.
Given the enormous descending triangle to the left and the arc that exhibited the incredible confinement that dried up all the BTC volatility, 20k+ from now is certainly questionable.
But we should note that this fickle speculative asset has always betrayed the expectations of the vast majority of the market- once again, the candle could burn out brightest before extinguishing itself.