Samoto

Will BTC break up or down from the triangle!?

Long
BITSTAMP:BTCUSD   Bitcoin / U.S. Dollar
Even if it would breakdown, we have strong support at 9k to produce a fake breakdown.
Nonetheless, this scenario has a much lower probability due to other factors so sooner or later BTC most probably won't break down, but break up the triangle!

For now, we have strong support and reasons to believe that:
- MA100 as support line on daily (strong key level)
- triangle support holding for 4 days already (the more it stays there, more probably longer consolidation phase becomes)
- BTCUSD SHORTS are on one of the lowest levels and ready to make higher low (change of the pattern and great connection with the price movement!)
- MAC is in strong convergence (and crossing in oversold teritory)
- RSI has a triple bottom (with the direction to 50)

Based on all that and much more (check related ideas) it should not be so far away to see BTC rise again!
Before that, it should go into consolidation mode. During that phase, some interesting altcoins have great potential to rise.
Stay tuned and follow us and this idea so you can get automatic reminders.

THIS IS NOT FINANCIAL ADVICE.
Remember to trade safely!

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Comment: MA100 still supporting the price!
BTC price registered a local bottom above its 100-day moving average of $9885 with a razor-thin edge.
Comment:
Comment: Nice bounce from support
Comment: Possible scenarios:
Comment: Why is breakdown less possible right now!

Comments

if we get over 55 ema on 4 hr then no, we will go up. if we stay stuck below then red dido party down
+1 Reply
Samoto DavisHudson
@DavisHudson, tnx for your input. We bounced nicely from MA200, MA55 is parallel with it and holding support now which are both good signs, MA50 and MA200 cross proved in the past to be deceptive also.
+1 Reply
My take is lower before end of month and much lower than current price and recent lows of upper 9k. This is just from intel form multiple sources here and other spots I frequent.
Reply
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