Let us see the key points:
1. Bitcoin has a possible Formation
Bitcoin has a possible formation. The left shoulder and head are already formed. We just need the right shoulder to break the neckline(green dashed line) for confirmation. If this happens, the price will dive below 30k. The red dashed line will be our trendline after.
2. Very Strong Trendline still Holds
The green dashed line in the chart is still very strong, as the price never went below it since Christmas the last year.
This trendline makes it hard for the awaiting pattern to actually complete.
3. is at somehow oversold levels
The touched oversold levels already. If the trendline(see chart) breaks along with the symmetric triangle, we can see a good uptrend.
4. The 75 Period , former support, is now a tough resistance
The 75 MA formerly acted as support in the previous uptrend. After the price went below it and tested it for a pullback, the MA restricted any price movement from there.
5. Lower with the symmetric Triangle
As the symmetric triangle develops, the keeps getting lower. This is saying that Bitcoin traders are undecided. This means that the breakout will be very strong.
6. The maybe a Correction wave or a Trend Wave
If the green dashed line breaks down, we have a trend wave. If not, we have just a correction wave, meaning the steep dive form 41k was just a pullback.
Now, we just wait for the symmetric Triangle to break in either direction. Good luck, thank you!
Don't forget to like and follow for more