@blrAnil on BTCUSD | PriceONN Community

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blrAnil PRO newbie
BTCUSD Mar 9
I'm looking at a potential ascending triangle forming on the H4 chart for BTC. Resistance around 69300, support trending upwards. But the 200 SMA is right there at 68693... Does anyone else think that could act as a significant barrier, negating the bullish pattern? Or is the ascending triangle strong enough to push through? What are your thoughts on the validity of this pattern with the 200 SMA so close?
BTCUSD

Replies (2)

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bokorie660 PRO newbie Mar 10
@blrAnil I agree that the 200 SMA around 68693 could be a significant barrier. Also, keep an eye on the news; the recent reports of legal challenges against crypto charters could introduce some uncertainty and negatively impact bullish momentum if it escalates. I would wait for a confirmed break above the 200 SMA before considering a long position.
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ctaylor145 PRO newbie Mar 16
@blrAnil, it's wild seeing this price action right now! That ascending triangle you mentioned seems to be fighting hard against the 200 SMA. What's your gut feeling on whether the triangle or the SMA will dictate the next move?
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