We filled the lower end of our BTC Triangle Pattern, now what?
BTC price action touched the bottom of the triangle pattern and long standing bull trend line; the low was 9601, statistically close enough to the triangle support line coming it at ~ 9550.
The Bottom of the triangle pattern comes in today at ~9590 & the Top at ~ 13790.
Technically, a break under 9590 signals that the Bears are still in charge and with few support areas below, could be a steep and fast drop!
Under 9590, look for support 8300-8250 range, then 7500-7450.
The Bulls need to stage a rally at the bottom of this Triangle pattern real soon and support the market, BUT volume remains low and lackluster to indicate any type of Bull strength :(
Market is still in the clutches of FUD, Bears are with-in striking distance to rip another 20%-30% of value from the clutches of the Bulls.
The Bulls need to fight past the FUD and rally enough volume to keep the market above 9590 for the week, can they?
Technically, I like that the pattern held and believe we could see this market skirt that bottom trend line for a few days before we manage enough momentum to make a move to test recent levels above.
I have been a scale down buyer on BTC, ETH and few other favorites and have some stops below I hope are not triggered.
Happy Trading!
Support & Resistance Levels
R4 - 13790 (Top of Triangle pattern)
R3 - 12790
R2 - 11500-11600
R1 - 10755
Current price = 9850
S1 - 9590 (Bottom of Triangle pattern & Long Standing Bull Trend Support Line)
S2 - 8300-8250
S3 - 7500-7450
The Bottom of the triangle pattern comes in today at ~9590 & the Top at ~ 13790.
Technically, a break under 9590 signals that the Bears are still in charge and with few support areas below, could be a steep and fast drop!
Under 9590, look for support 8300-8250 range, then 7500-7450.
The Bulls need to stage a rally at the bottom of this Triangle pattern real soon and support the market, BUT volume remains low and lackluster to indicate any type of Bull strength :(
Market is still in the clutches of FUD, Bears are with-in striking distance to rip another 20%-30% of value from the clutches of the Bulls.
The Bulls need to fight past the FUD and rally enough volume to keep the market above 9590 for the week, can they?
Technically, I like that the pattern held and believe we could see this market skirt that bottom trend line for a few days before we manage enough momentum to make a move to test recent levels above.
I have been a scale down buyer on BTC, ETH and few other favorites and have some stops below I hope are not triggered.
Happy Trading!
Support & Resistance Levels
R4 - 13790 (Top of Triangle pattern)
R3 - 12790
R2 - 11500-11600
R1 - 10755
Current price = 9850
S1 - 9590 (Bottom of Triangle pattern & Long Standing Bull Trend Support Line)
S2 - 8300-8250
S3 - 7500-7450
I am still relying on the fact that BTC is trading above the Long Term/Triangle Formation support (~9590 daily). On the hourly chart BTC has made continues higher lows on every push down, not by any significant margin, but something to watch. A BTC move and/or settlement above 10200 should ignite some interest from the Bull camp going in to the end of the week.
The Bulls have their work cut out for them, while the Bears just have to push this market under 9590 to have a field day on stops and FUD selling.
Time will tell.