BTC: Big Move Expected

BITSTAMP:BTCUSD   Bitcoin / U.S. Dollar
There is not much room to continue sideways action since we are approaching the apex of this symmetrical triangle.

The breakdown is more likely (would give it a 70% chance). On the way down we can meet support at ~9600 since we have the EMA 200 coming there + horizontal support + ascending trendline. Don't think it could hold the price.

The conservative measured move from the triangle is ~10%. That would take us straight to the EMA 294, which is the 21 EMA on the weekly chart. (Review our idea called "BTC Parabola Broken!" to see how it supported the price during the previous bull market)

10k has been huge support, but with each test it becomes exhausted.

RSI is also forming a symmetrical triangle pattern . Recommend to watch it on the 4h. Keep an eye on potential RSI breaking down. It may happen even before the price action.

Going above 10.5k invalidates the bearish case. If we break this triangle to the upside, then we could count on one more lower high and nothing more as of right now.

Also, guys, here is a task for you: BTC has been consolidating since late June. How many Head&Shoulders and iHead&Shoulders patterns can you find there on the chart?

Write your answer in the comments below!

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+3 Reply
@Germio, thank you for your comment.
@Germio, as we said sometimes we might be wrong.
@Germio, what matters is to be right more.
+1 Reply
@Germio, what do you say now?
Germio CryptoBullet
@CryptoBullet, Did you really wait 3 days, then found my comment only to say how right you eventually were???? Are you mental??
@Germio, actually we check all our comments from time to time. And we write some comments to some poeple because we want them to consider all possibilities and to be profitable. Looks like you lost a lot on this trade. There is no need to be rude. I think is great that we care about all our subscribers and everyone who even comments us, and we have open dialogue.
Is the 294 EMA a significant stop? Seems random never heard of that number as a major point of resistance..
+2 Reply
CryptoBullet FreshCrypto
@FreshCrypto, The 294 EMA is not random. Historically the 21 EMA on the weekly has been pretty relevant and suported the price during the previous Bull Run. So, the 294 EMA on the 12h is the imitation of the 21 EMA on the weekly.
+1 Reply
FreshCrypto CryptoBullet
@CryptoBullet, Understood, thanks for taking the time to explain.
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