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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The information given is never financial advice. Always do your own research.

Nice played out !!!
Matyas44 Matyas44
@Matyas44, Good JOB ! Really like your style !
Breakdown, then Lower High and back to 10K, awesome analysis man!
Nice Analysis!
+1 Reply
@ckochiya, thank you
This is very insightful, I appreciate it
CryptoBullet Merchandise12
@Merchandise12, we are glad that you like it
CryptoBullet Merchandise12
@Merchandise12, you are welcome
You nailed this one. Nice job.
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