It looks like we are creating a massive Descending Triangle, which is a bearish formation. But the fact that too many people are expecting the dip creates a bit of an issue.
Statistically speaking, the likelihood of breaking out to the upside is smaller than to the downside. But here is the thing: we are at the very top of the trend and that's tricky. So, will it be the 30% chance case of breaking out to the upside? Throw your opinion in the comments below!
The triangle bottom is also an important Fib level - 0.382 Fib retracement from the Dec. 17 High of $19,666. What will happen if 9.4k breaks?
If we fall below 9.4k, the flood gates are going to open and BTC will fall fast and hard. There is not much support until 8.6-8.4k (the 200 EMA is coming there & don't forget about an open CME Futures). If that area fails, the next stop to look at is ~7.6k - the bottom of the descending channel + the 200 MA + horizontal support.
We are preparing for a pretty damn Big Move in late September / early October not only from the charting perspective. This triangle drags out all the way till the second half of October. Look at that:
Sep 23 - Bakkt launch
Sep 27 - CME BTCU19 expiry (opened on April 1st!)
Sep 29 - Wilshire Phoenix (ETF)
Oct 13 - Bitwise final decision (ETF)
Oct 18 - VanEck/SolidX final decision (ETF)
And these events are right where these triangles usually break. We all remember how the market was overheated in anticipation of launching BTC Futures in December 2017. Literally the next day after the launch Bitcoin entered the bear market. Will it be the same story after Bakkt launch or possible ETF approval/denial? Give us your opinion in the comments!
If you like the idea, please, hit the Like button and subscribe to the profile in order not to miss our updates.
The information given is never financial advice. Always do your own research.
Statistically speaking, the likelihood of breaking out to the upside is smaller than to the downside. But here is the thing: we are at the very top of the trend and that's tricky. So, will it be the 30% chance case of breaking out to the upside? Throw your opinion in the comments below!
The triangle bottom is also an important Fib level - 0.382 Fib retracement from the Dec. 17 High of $19,666. What will happen if 9.4k breaks?
If we fall below 9.4k, the flood gates are going to open and BTC will fall fast and hard. There is not much support until 8.6-8.4k (the 200 EMA is coming there & don't forget about an open CME Futures). If that area fails, the next stop to look at is ~7.6k - the bottom of the descending channel + the 200 MA + horizontal support.
We are preparing for a pretty damn Big Move in late September / early October not only from the charting perspective. This triangle drags out all the way till the second half of October. Look at that:
Sep 23 - Bakkt launch
Sep 27 - CME BTCU19 expiry (opened on April 1st!)
Sep 29 - Wilshire Phoenix (ETF)
Oct 13 - Bitwise final decision (ETF)
Oct 18 - VanEck/SolidX final decision (ETF)
And these events are right where these triangles usually break. We all remember how the market was overheated in anticipation of launching BTC Futures in December 2017. Literally the next day after the launch Bitcoin entered the bear market. Will it be the same story after Bakkt launch or possible ETF approval/denial? Give us your opinion in the comments!
If you like the idea, please, hit the Like button and subscribe to the profile in order not to miss our updates.
The information given is never financial advice. Always do your own research.
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