Bitcoin is still forming the symmetric triangle on H4, which naturally has better odds to break upwards, than downwards. The targets of this symmetric triangle are similar to the max-targets of the older bullish Adam & Eve to the top and if we break this down (possibly after a false break-out) our main target would be around $10750. You would be able to see false & valid break-outs in either direction when the red marked levels on top and below the symmetric triangles are broken or declined.
Generally, this is a bullish setup, saying that Bitcoin is very famous for its surprises, thinking about possible stop-runs after break-out. __________________________________________ Warm redards,
Neru
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Bearish break-down of the triangle:
Supports: $11.400 (needs to be bought back in the next 10mins), $10.750, $10.050
Looks like a Hammer formed but Alts are rallying and weekly coming to a clost on BTCUSD pair, could spell trouble for Lings if we close down. Not sure if your colleague still maintains his Bear Trap theory based on the current price action.
TradingShot
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Thanks for the post Nerubica. Well the bullish Triangle may have been broken but in my opinion this shouldn't affect the long term bullish trend. With the 1W Gaussian having just entered into the green zone again, I believe the new bottom has been priced.
Gl4diator
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@TradingShot, No it does not influence the long-term bullish outlook, in my opinion we could go down to even 9,4k without printing anything super bearish. Also right now we might produce a descending triangle, well if something bullish can break down why would something bearish not be able to break up? :-) would be typical bitcoin ....
OxEconomist
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I hope the surprise is a downtrend. Where are the bears ? I need them.
Gl4diator
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@kenshintani, Are you short or do you plan to short this? ;-)
OxEconomist
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Hi! I did & I was fortunate that the bears came.
Gl4diator
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@kenshintani, Congrats!!!!!
AvgJoe2019
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Thanks for your clear succinct update. Refreshing!