Consolidation zone key levels
Bitcoin is currently consolidating within a symmetrical triangle. All of my important key levels have been depicted on the chart. After rejecting down to test the bottom ascending trend line of the triangle and the 100 EMA, bitcoin bounced back up to retest the local point of control on the VPFR. This area is also in confluence with previous support that is now serving as resistance as illustrated by the purple rectangle. For continuation to retest the ATH, I am looking for closure above the green resistance box, previous wick rejections, descending trend line of the symmetrical triangle,0.786 Fibonacci level and finally the R1 weekly pivot. I will also be carefully eyeing the volume and open interest upon the breakout in order to confirm the sustainability of move. The support levels upon breaking DOWN from the triangle are as follows: 0.236 fib level, the S1 weekly pivot point, and the blue box critical support region. At the time of the post, bitcoin has rejected from the .5 fib level, and is now testing the weekly pivot, a key support level and the 55 EMA.
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