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$BTC This rally won’t last long…
In my last post, I explained that the probability of an upside breakout from this symmetrical triangle was much higher this time, and we did indeed get a breakout to the upside, triggering a small relief rally.
Although I expected it, I don’t believe this upside momentum will be sustainable for long.
In the chart below, I’ve highlighted two zones where I think price is likely to face rejection.
The first zone sits above the highs of the last compression phase, between 64.5k and 65.5k. This area also aligns with a low-volume node and a key Fibonacci level.
If we don’t get rejected there, I believe the next likely rejection zone is around the highs of the first compression phase within this downtrend.
This area also aligns with the POC and VAL of this leg down, sits between 67k and 68k, and has the quarterly open at its upper boundary.