ZulGang BTC Updates

The price also printed two new bullish patterns on the 4-hour timeframe:

1 - The price formed a bullish pennant with a target of 82,700.
2 - It also formed a new inverse head and shoulders on a larger scale, with a target pointing towards the 91,785 area.

Later today, we have two high-impact news events that may act as catalysts for a move towards these targets: the Non-farm Employment Change and the ISM Services PMI.

I expect the momentum to stop once it reaches the 82,700 target and then start to reaccumulate before the next parabolic move towards the 91,785 target or even explode towards the initial target of 114,200.

https://www.tradingview.com/x/lQQISvf0/

We finally have a valid 4-hour candle closing, accompanied by a daily candle closing above the target.

The price failed to maintain momentum, as I mentioned in an earlier post, and it has fallen towards the 66,750 area twice to test the support, while keeping the 69,100 level as the baseline, also known as the max pain level.

Currently, the price is trying to absorb the supply. If the bulls manage to hold this area until the next candle closes, we can expect bullish momentum to come in.

https://www.tradingview.com/x/YCVJk20U/

I think now is the right time to reveal this one.

A cup and handle pattern has formed on the daily chart (I'm using the 3-day timeframe below for a clearer view). The price target for this pattern is an impressive 360%, which suggests the next all-time high could be around $340,000 IF the price breaks out from the neckline in the next few days.

Keep in mind that we don't have any confirmation of the flag pattern's breakout just yet. I will update the price target once we break out from the neckline.

https://www.tradingview.com/x/Y6zAU6WC/

The price is reacting on a 15-minutes demand zone and currently trying to breach the controlling supply.

https://www.tradingview.com/x/6AUSqPr4/

The daily candle successfully closed above the channel with good volume, but there is no continuation in momentum due to resistance reaction. We can expect the price to range for a day or two to form a base here, and a retest of 69,600 - 69,100 is possible due to imbalance. It's not the time to go 100x in leverage.

Maybe the market is waiting for the next FOMC Meeting Minutes or Unemployment Claims data release to act as the catalyst, either up or down.

https://www.tradingview.com/x/QdbRkKUW/