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!
If you just want to thank us you can hit like and leave a comment. Thank you for your support.
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!
If you just want to thank us you can hit like and leave a comment. Thank you for your support.
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.
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Nice bounce from support
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Possible scenarios:
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Why is breakdown less possible right now!
