BTC. Market update. By KikingAlgo

BITFINEX:BTCUSD   Bitcoin / U.S. Dollar
We are close to one more big move of the king BTC .

There is no guarantee it will be As good as we hope for, but it is clear that BTC respects the resistance lines as expected.

Some indicators support the bit increased movement and eventually brake out the line.

Let us review our chart to understand what will follow:
Great Triangle Pattern , It is building since Feb 2018.
The support line holds around 6000–6500 and every time (red area) triggering good move upwards.

Now read this carefully:

Problem 1.
every time we get out from the red area the shorts are filling this area again, waiting for the next drop to sell later at the higher resistance. (Blueline).

Any Positive News, announcements, FOMO…etc will be popping out as soon as we brake the red area.
Any negative rumors will be popping out when we break the blue line.
even if this is just fundamental fact, it doesn’t block our TA which support this theory as perfect.

Problem 2.
with every tries to break the resistance line (blue line) we get lowers high.
that means that buyers have less and less confidence for the bit to get to the previous high and sell it sooner.
this creates big pressure on the bottom and sending the whales to think of there new strategy.

If there is not enough movement between the lowest support and the highest resistance, it means two options:
Option 1,
To the moon, and drop it from there, building one more triangle and start the process from scratch - this move will involve lots of big buyers, and much more money to build Strong attractive FOMO to hunt the new buyers, this will need to happen now! when the BTC is at his current price.
Option 2, With a couple of small sells, let’s take BTC down and the rest will follow, taking it to 3000/3500 area. then they will Moon it from there with a small amount and the rest will follow.
much easy to build confidence and get new buyers to the market from 3000$ and not 6500$.

After this, What is our current TA status in this market?

MACD started his long movement, with 2 candles shown on the histogram.
(circle 1,2)
what I love on this chart is the MA240, which can pull BTC all the way to 7850 to test one hell of resistance. (circle 3)
the BTC building a strong nice trend for almost 4 days kipping it all greens closing above the last close price. (circle 4)
we can go with this up to 7200.
The last and very important is our ADX when we get a nice long signal.
(circle 5)

Targets for Btc on this timeframe is:
first 7050–7150.
second 7300–7850.

around 7200 if not brake.
7600–7750 if not brake.
And finally , NINA is building a nice long signal, supporting our POV on the market.

Please follow our KikingAlgo channel, we will report on the progress.

Unlike any other.
Trade active: get ready.
If don't break upward before the end of the triangle we might go lower.
How did you get the next resistance line? I get a similar result by comparing the length of the market phases together :

@ickylevel, resistance is a simple major support area.
thx for your comment.
good luck.
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