Tompouce

BTC - Watch the triangle!

BITSTAMP:BTCUSD   Bitcoin / U.S. Dollar
Despite all the Bad/Good/Fake News BTC is still in this triangle where the bottom purple line started one year ago in march 2017 (touched 4 times since) and the top red line started in December (touched 3 times since)
This triangle was already mentioned on my previous idea
Two days ago, BTC hit the 8.85k coupled with the 9k level who acted like a strong resistance.
For now on, BTC could go retest the bottom of the triangle by touching the purple line.
If the purple line is broken we will have a great chance to go to the next support : 7k and then 5.9-6k.
But if we bounce we will go back to try to break the 8.85-9k resistance. If BTC manage to test this resistance we will witness a test of the next resistance at 10k (round number resistance) near the top of the triangle.
If it broke up we will go to the next fib resistance around 11k

This triangle will play out in the next 3 weeks, so i advised you to watch it closely and to put our order accordingly.


Mar 26
Comment: We are currently testing the bottom of the triangle.
Next Hours/day are crucial!

Watch it if it break the purple line and confirmed it on the close of the daily bar below the line!

Mar 29
Comment: Two days ago we broke the triangle and confirmated with the daily candle. I hope you took your trade accordingly
We experienced then a drop from 8k to 7,4k where stand the next support between 7.5k - 7.0k.
We will now see if this support hold or not. If it doesn't hold we may go to the next strong support around 6k.
If the current support hold, we may try to renter the triangle, but it will be hard and may take a good news on cryptoworld to do it!

Good luck
Apr 05
Comment: After breaking the previous triangle, bitcoin felt from 7,8k to 6,4k

We can now see the formation of a descending channel (two black lines) in which BTC is stucked for the moment.
I have also added to my chart the complete triangle between the green and red lines.
If BTC stays in this black channel, we will go to the next FIB support at 6k and to the bottom of the triangle (green line).
If we break the channel upward BTC may try to go to the upper part of the triangle.

Therefore watch this channel as well as this triangle to place our order accordingly.
Good luck
Apr 09
Comment: BTC is still inside the descending channel between the two black lines.
Yesterday it touched the top of the channel but didn't break the resistance and therefore BTC price felt below 7k again.
We have to keep watching this descending channel and the target remains the same :
If BTC stays in this black channel, we will go to the next FIB support at 6k and to the bottom of the triangle (green line).
If we break the channel upward BTC may try to go to the upper part of the triangle
Apr 12
Comment: Nice Breakout of the channel
Those who were shorting on bitmex with leverage should cry ;p
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