Daily analysis XBT/USD 019 - extreme weather on the horizon
Hi everyone,
We've rarely been this close to this kind of make or break level. Let's dive into it.
After weeks of consolidation we are approaching the final hours of our triangle pattern, formed between the descending 2.5 year trendline and the lower part of the ascending channel which began forming in March.
We have multiple factors that tell us we ARE GETTING READY FOR A BIG MOVE, let's explore:
- 3 Months low volume hit this week, for the last 2 weeks the volumes were extremely low . Volume acts like a spring, it gets compressed and at one time or the other it jumps in one direction
- We have tested the descending trendline 3 times in a row in the last 2 months
- A consolidation pattern is visible in higher timeframes (day, week). This kind of pattern has accurately predicted big moves in the past.
As a sidenote Greyscale investment trust, a huge bitcoin trust fund has just began to pump... nothing on bitcoin yet, strage for now but will probably make sense soon.
Choosing a direction now would seem random , we need to see the trendine below the price ticker in order to make a bullish remark.
Join our free community at Sublime Traders
We've rarely been this close to this kind of make or break level. Let's dive into it.
After weeks of consolidation we are approaching the final hours of our triangle pattern, formed between the descending 2.5 year trendline and the lower part of the ascending channel which began forming in March.
We have multiple factors that tell us we ARE GETTING READY FOR A BIG MOVE, let's explore:
- 3 Months low volume hit this week, for the last 2 weeks the volumes were extremely low . Volume acts like a spring, it gets compressed and at one time or the other it jumps in one direction
- We have tested the descending trendline 3 times in a row in the last 2 months
- A consolidation pattern is visible in higher timeframes (day, week). This kind of pattern has accurately predicted big moves in the past.
As a sidenote Greyscale investment trust, a huge bitcoin trust fund has just began to pump... nothing on bitcoin yet, strage for now but will probably make sense soon.
Choosing a direction now would seem random , we need to see the trendine below the price ticker in order to make a bullish remark.
Join our free community at Sublime Traders
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