BTC has long been under the mercy of a triangle pattern, that has manage to contain price nicely ever since May 2018. After all this time, it's now time for it to make a decision. Price action is right at the end of the pattern, and has reached its maximum time within the triangle and now it must break out one way or the other!
Price within this structure has been making a succession of higher lows throughout, however the up move in a big way has yet to be seen. Price has been relatively rangebound since 20th September, suggesting that price is accumulating, as investors/traders seem to be aware that the end of the the triangle is coming.
Price needs to make a decision of up or down. due to the higher lows, but also the lower lows, it's neutral, with the higher lows being more subtle that the lower highs seen so far. Due to this, I theorise that BTC could be oversold. With this, I suspect Bitcoin could break to the upside, and create a nice move, before a shallow correction onto the side-wards resistance that's been holding price so long, then a rally.
If price manages to break the side-wards resistance and test it after all this time, this is a very promising sign that BTC is going to go up for the time being. Price really needs to retest the resistance as support, and break the consolidation peaks at 6840 to get the true upside we're all hoping for. Without these conditions being met, BTC remains neutral.
If price cleanly breaks 6110, then we could see downside yet again, breaking the higher low progress BTC has made, and could lead to a breakdown for the time being.
Let's watch price action for now and see where it takes us. At the moment it's a sit on the hands moment, however at least we know the triangle is about to expire and a move MUST happen in a big way, so we can profit whichever way it goes. For this scenario I've chosen the bullish side, however late I'll create the bearish scenario analysis also, so whichever way it goes, we will be prepared to profit from the move, regardless of direction.
Where do YOU think price is headed? Leave a comment with a chart and let's share our thoughts!
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Hey!
May bias is as same as your because BTC could make a move in three days, an important move! Triangle tip is the key word and I'm slightly bullish!
All the best!
D4rkEnergY
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I agree @TomProTrader - if we don't see a Market Crash now though.
As usual thanks for the analysis. We can see now 3 possible scenarios in the near future
Boon2
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D1 I'm still expecting the internal structures to play out before the impulse up. Check out the idea details and updates fore the complete picture from D1 to the lower TF's
Bitcoin was born 10 years ago during a severe crisis in the stock market. His concept was to release a white paper on October 31 and be born in the digital world on January 3 with the creation of the first entry in the blockchain. On his anniversary (10th anniversary), he must show this growth from conception (11/31/18 - $6300) and before birth (01/03/2019 to the level of $11700). In our world, 2 values, the cost of which started from scratch, are Gold and Bitcoin. Bitcoin develops these 10 years, and each cycle gained strength, and it is unlikely that after that, then fall along with the stock market. I think to provide an alternative to the financial sector. And after $12000 in its growth, it will be helped by a bad situation in the stock market (correction every 10 years).
May bias is as same as your because BTC could make a move in three days, an important move! Triangle tip is the key word and I'm slightly bullish!
All the best!