COINBASE:BTCUSD

Here is how im seeing BTC on the one hour timeframe

normally I dont put much weight on the 60 min timescale but this might be an exception

this ascending triangle could hold the crypto markets fate in its hand at least for the short term

if the bulls can break out to the upside we could see a short term reversal to test the looming resistances. could be the the last chance for the bulls to make an attempt at a meaningful reversal given the the overhead resistance and the overall perception of the markets.

although less likely this formation could break to the downside if there just isnt enough bids to push the price higher. given how market sentiment is across the globe and Bitcoin being so correlated with the american markets i could see the price action to continue lower as more risk is taken off the table.

whats everyone thinking? we going into a full scale bear market ? or will we see a macro reversal here in the coming weeks?