Bitcoin Potential Movement

BITFINEX:BTCUSD   Bitcoin / U.S. Dollar
Three possible scenario for bitcoin:
1. Form a symmetrical triangle pattern , break that pattern with a high volume , and make a new all time high
2. Form a bear flag pattern and go to the 9000 resistance and pullback
3. Break the 9000 resistance and a potential downtrend for bitcoin

For scenario 1, we must look at the MACD . If the macd line crosses the signal line we could see an upswing and bitcoin will test the top triangle trend line . If it breaks the top triangle trend line with a high volume we could see a new all time high for bitcoin .

For scenario 2, as I mentioned before bitcoin creates a bear flag pattern and will get a resistance in the 9000 level. If we hold that 9000 level we could see a pullback and bitcoin is still in an uptrend.

For scenario 3, if bitcoin falls below the 9000 level which is an important resistance as i mentioned before because it is near the 21 EMA (In a bull market bitcoin always bounce up when it hits the 21 EMA ) it will be a bad sign for bitcoin . It could be the end of the bull market for bitcoin and the beginning of a downtrend for bitcoin .


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