Two views on the same BTCUSD marketOleg Alexandrov
This picture contains two charts
- classic bar chart (on the left)
- even more classic PnF chart (on the right)
There is no clear answer which chart is better, they are just the different, each has its pros and cons.
So, what story can be read from the chart
After dramatic diversion (1),
BTCUSD formed a balancing wedge (2) between 7300 and 7000.
Here is (3) effort of bulls. Note, there was not SLKB trap before bullish escape from the AB wedge (2).
Also, note this bullish impulse found the resistance at the level of the target C = 7300+(7300-7000) = 7600
On the Bar chart, we can see the entrance of Supply by the EVRT bar (4).
The PNF chart adds details to the story of weakness around 7600 level. And what is the outlook?
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