As you can see in my chart bitcoin confirmed the small red triangle exactly as mentioned and is now approaching the expected downside target-zone at the 8730 levels when we touch this zone it will be confirmed highly likely as support. What is more important in the bigger picture here is that bitcoin is forming a large triangle here which you can see marked in blue in my chart. This triangle was already realized by two touches of the upper boundary and the second touch of the lower boundary confirming when the downside target is reached therefore it increases the small-time bounce in this level for a rally to test the higher boundary of the triangle.
What we need to keep in mind here at the moment that bitcoin is building an overall consociational range which will break either to the up or downside. Remember that the best trades resulting from confirmed setups, in this case, it is the same, we need to see a confirmation before taking advantage of the opportunity as it is always almost the case. So when considering the continuation of the before established uptrend we need to break the upper boundary clearly to the upside after the third initial test, after this has been done the best will be a consolidation above the upper boundary or a test of the upper boundary to signal the continuation.
When considering the side of things the importance of the current resistance at the psychological 10.000 USD mark should not be ignored therefore the scenario is still in the schedule and will be realized when we clearly break the lower boundary of the triangle to the downside with a volatile move signaling continuation. After that has been done there is an important at 8100 which needs to behold for a possible reversal otherwise when this is not the case the breakdown below this level will be extreme because there is not much support below this area, in this case it will be possible to probably add to the short-position or open a new one when not already traded.
Thanks for watching everybody, support for more market insight, and a good weekend! ;)
Climb the mountains and get their good occasions when they show up.
In this manner: FAREWELL
Information provided is only educational and should not be used to take action in the markets.
I appreciate that you make no claims to know where the price is moving outside of the data we're given. An unbiased review is hard to come by, especially one that "follows the rules" of analysis. Love the way you structure your idea; starting with what patterns have played out already and whether or not it could be part of a larger pattern, what are the meta factors at play, and what are the MULTIPLE ways the price movement can go.
So many people miss this last part and put out ideas that confirm what they hope to happen.
Really great job @VincePrince, the price so far has literally followed your predictions almost exactly at the time of writing.
I like to take into account accumulation/distribution as well, and the 4H chart looks very bearish taking A/D into consideration, which to me is not only a confirmation of your idea here, but that there's a better chance of BTC breaking upwards once this triangle plays out.
Depending on how this next candle closes, we've got something close to the confirmation signal, just hasn't broken on the upside yet, but we're safely trading within the confirmed smaller triangle.
Interested to hear your thoughts on the most recent movement since you posted this idea.
I am always following your ideas as your usually correct well done mate
Keep up the great work Legend