Giorgioversace

Bitcoin trying to form a bottom again

BITFINEX:BTCUSD   Bitcoin / U.S. Dollar
After some time waiting for Bitcoin to eventually retest the 6k line of life level, it actually did not retest it yet.
Bitcoin has formed local higher lows, and it is forming a particular Bottom.
The situation is tricky : a rare form of bottoming process is beeing created around this 6k area, but this bottom is trapped inside a very important bearish descending triangle that gives a BTC T= around 3.000$.

-Will the descending triangle overtake the bottom formation to create new lows? => scenario C
-Will Bitcoin break through resistances like butter and go above 7.500$? => scenario A
-Will Bitcoin progressively form a 6.900$ higher high, followed by a 7.500$ higher high? => scecnario B

Nothing prevents you from purchasing some strong Alts and some Bitcoin right now for long term purposes, as Bitcoin is trying to form another bottom, squeezed inside the acute angle of the triangle, with a stop loss if Btc breaks below 6.000$.
This long term trade could be interesting as there could be a lot of upside for Alt coins if Bitcoin is bottoming successfully.
But again, remember that this situation is very tricky, as the descending triangle is huge and might destroy the bottoming process of Bitcoin for the nth time.
This is a risky market, and Bitcoin could break below the 6k level.



Comment:
This fractal could still form to create new lows
I’m saying BTC goes to 2600 - 2800 dollars since April. Thanks for showing your target, Giorgioversace.
It seems this bottom is the end. It’s making all the indicators go up without the price going high. Imagine when they go down. I know indicators don’t lead the price but the other way around, but you know what I mean ;).
I’m ready to go short, once the price starts to fall.
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hello @Giorgioversace in my opinion we well see a significant move down:

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Giorgioversace Bavo_De_Bondt
@Bavo_De_Bondt,
Very very possible, i am still remaining neutral to bearish short term, and think the descending triangle will be completed by the 6k line breakout
Reply
Erm... C

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@dRends35,
It is of course possible to go below 6k
It is trying to form a bottom, there is no guarantee it will be formed
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