Bitcoin will brake out of the depicted triangle pattern in the next upcoming months, lately by the end of this year.
In the last months, Bitcoin showed extreme bullishness, by braking the multi-year resistance and the 10.000 USD level.
Recently we saw healthy correction and retested the 10.000 USD level, from where we bounced of.
So where is Bitcoin heading?
All in all, with Bitcoin breaking the major multi-year resistance, I see Bitcoin has a high probability breaking out to the upside of this triangle pattern BTC is currently trading in.
The 20-Week MA is an important level of support and shouldn't be broken! Otherwise, we will see Bitcoin at around 8.500 USD again.
In the last four weeks we've tested the 20-Week MA several times, but were always able to bounce to the upside. (notice: during the whole 2016/2017 bull run, the 20-Week MA was not broken once, but was tested several times as support).
So if we manage to stay above the 20-Week MA and brake the triangle pattern to the upside, there's a high probability for Bitcoin to reach all time in the first quarter of 2021.
If we break this pattern to the downside, I will still stay long-term bullish. I would wait for a good buying opportunity at around 8.000 USD to 9.000 USD.
Else I will be buying at 12.600 USD.
So watch the 20-Week MA and be ready for the next big move, which will definitely happen in the next 3 months (before or by the end of 2020).
In the last months, Bitcoin showed extreme bullishness, by braking the multi-year resistance and the 10.000 USD level.
Recently we saw healthy correction and retested the 10.000 USD level, from where we bounced of.
So where is Bitcoin heading?
All in all, with Bitcoin breaking the major multi-year resistance, I see Bitcoin has a high probability breaking out to the upside of this triangle pattern BTC is currently trading in.
The 20-Week MA is an important level of support and shouldn't be broken! Otherwise, we will see Bitcoin at around 8.500 USD again.
In the last four weeks we've tested the 20-Week MA several times, but were always able to bounce to the upside. (notice: during the whole 2016/2017 bull run, the 20-Week MA was not broken once, but was tested several times as support).
So if we manage to stay above the 20-Week MA and brake the triangle pattern to the upside, there's a high probability for Bitcoin to reach all time in the first quarter of 2021.
If we break this pattern to the downside, I will still stay long-term bullish. I would wait for a good buying opportunity at around 8.000 USD to 9.000 USD.
Else I will be buying at 12.600 USD.
So watch the 20-Week MA and be ready for the next big move, which will definitely happen in the next 3 months (before or by the end of 2020).