Bitcoin, The Triangle Below 10K Is Coming To A Final Conclusion!

Hello, Traders Investors And Community, welcome to this update analysis where we will illuminate recent events, the current price-structure and what we can expect from bitcoin the next days, hours and weeks to handle the situation accordingly with the given opportunities and profits arising out of it. Bitcoin is now consolidating overall 50 days which I predicted in the previous analysis will bitcoin either do below the 10.000 or confirm it as resistance and visit lower levels before another test can even be in the possible spectrum. As this triangle will come to an end at the final execution day the 14th august there are some important details I detected which can have an effect on bitcoins final determination. If you did not saw the initial analysis according to the subject I highly recommend you to do it to have a full-depth-overview therefore we are looking at the daily timeframe.

As you can examine when looking at my chart is that bitcoin is still trading in this huge and wide triangle below the 10.000 USD mark, the length, and diminishing volatility can be a successful indication for a breakout confirming the proper outcome in bitcoins price-action. Now the big question will be in which direction the breakout happens and if the breakout is sustainable or just a huge trap. In these cases, there are some certain aspects which need to be confirmed to provide the given outcome as fully confirmed. As bitcoin is still below the 10.000 marks we can expect it to continue till a final direction shows up.

Initial Analysis According The Subject (Daily Timeframe):

When considering the possibilities of a bullish or bearish breakout we have the important 10.000 USD mark at the bearish side which is blocking the way for the bulls and is still an important and meaningful resistance that should not be ignored. On the bullish side, we have bitcoin still trading above the 200 and 55-EMA which need to hold to establish the further trend and a possible breakout to the upside. The structure is an overall clash of bulls and bears and after the final confirmation has come the triangle can still either break to the up or downside. When considering the bullish breakout bitcoin needs to confirm sustainable above the 10600 marks to confirm the bullish case, remember that this breakout needs to fulfill with the proper volatility otherwise it can still be a huge bull-trap, on the bearish side bitcoin will confirm to the downside with a clear break of the uptrend line and confirmation below the 55-EMA.

The final confirmation will show bitcoin destination that will affect the price for the next months and weeks to come, whatever will happen there is a given fact that when bitcoin breaks to the upside there are some good support zones in the structure which can be confirmed as those also these support-zones matching with the still remaining huge triangle bitcoin currently trades, in this case, the bearish breakdown can be just a correction before consolidating more or setting up for some legs to the upside. Remember that this has to be confirmed and firstly the trend will be to the downside when bitcoin confirms, therefore, there should show some reversal signs up otherwise the trend will remain to the downside. Whatever happens, traders should be prepared for the upcoming possible scenario to handle the situation accordingly and profit out of occasions rising out of it in order to succeed in fate.

In this manner, thank you for watching, support for more market insights, good day everybody, and all the best my friends.
The high destiny of the market is to examine rather than to hypothesize.

Information provided is only educational and should not be used to take action in the markets.