Just something I have been observing for a while :) We passed the last major resistance in blue and retested it and now could easily go to 15500 before that next major resistance. I will put another few things I see on the short term too.
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A little close-up
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I also see this triangle forming atm with a strong base at $9121. A break of that support and we could easily go back to 6k.
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My bearish scenario for a retest of that long term support line.
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The question I keep asking myself is what will happen when we get to 50k. That is basically the price point where it will create a horizontal line from the pivot axis and complete a full 45 degrees since 2011, almost like the end of a pendulum swing. I expect a new pivot point will be created when we reach that price. I also expect the start of a greater bull run and more volatility. This could also be the start of a new S curve where we would jump from 1% world adoption to 15% and multiple trillions in marketcap. I will post another interesting graph soon :)
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I would be careful shorting here! I actually added more at $8400 :)
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Don’t panic yet! :)
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Holding for now
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A closer look to that line
Seems like we are sitting just above it and has found support, this area is the most critical. I think BTC is within a bigger triangle and most traders seems to just focus on the smaller descending triangle. Most of Alts seem to be ready to bounce up in their respective BTC pairs. I’m longing a small portion of my cash at this level, if we break lower that 8k I think we could even go as low as 7k as per my 11 August post.
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Bouncing well so far, this is my ultimate support line, anything under it and i’m fully out of BTC. There are good chances that we will see BTC break out of this triangle or long term sideways to give time for alts to climb.