Bitcoin appears to be stalling after an incredible surge when breaking out of a biweekly mode a couple weeks ago. It managed to test a strong resistance at 5047.50 and instantly fell back down, breaking a bar's low. Currently, price rebounded and is trading slightly above a key resistance level, so it'd be possible get a rally in this pair. For now, we might be looking at a triangle type pattern, where there are a variety of smaller trends that fail at extremes, and a rally or sharp drop occur, depending on where price is and other fundamental events in the big picture narrative. The halving will come soon, this is a highly anticipated event, I'll pay close attention.
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Cheers!
Ivan Labrie
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4h shows a very visible period of consolidation, or a triangle, which is what it is, has started to unfold.
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We might rally from here. Risk is 5% to the downside roughly. Upside 15%.
agree, my thoughts is that bitcoin still in a bull run, currently correcting to 3355 CNY zone
IvanLabrie
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Yes, I don't discard more upside after a consolidation, hence this analysis. We can watch how price reacts to the key levels and decide when to reenter longs lower if need be. I closed most of my longs already, still have some from June 23rd though.
ltc-joe
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I think this makes the most sense, but will not happen because bitcoin just emerged out of a period of its highest stability EVER when it ranged in the 4xx's before the break out. So I am expecting big volatility because of that coupled with the much anticipated halving, and global economic uncertainty. That is why I made this idea: ...should be interesting to see how things play out, it looks like a head and shoulders has formed on huobi, waiting for confirmation of a break of the neckline which is around 4100.
IvanLabrie
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Many will see the H&S then. Thanks for letting me know. I didn't see it (I don't trade them).
I do pay attention when they show up, cause they fail pretty often.
I think the safest forecast, is sideways until the halving, but it can still move a bit higher yep.
Cheers, thanks for the comment.
ltc-joe
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Yup well let's see if 4100 breaks, if not then maybe this is just chop and your chart looks more likely.