Dear crypto friends,
The consolidation period lasted from the 26th of September 2019 after
BTCUSD
broke down the descending triangle and fell to 8K area is about coming to an end.
Analyzing the behavior of Bitcoin price during the year 2018 I see the same fractals and patterns that
BTCUSD
repeats again and again.
Local bull trend from 3K to 12K area has ended with distribution phase, broke down the 9K support and fell to approximately 7700 level. Just the same happened in November 2018 after breaking the 6K support and falling to 3K.
What we see now is the consolidation phase with decreasing volume and volatility. Price of
BTCUSD
is forming an ascending triangle just the same as it formed in crypto winter of 2018-2019. If you don't like that triangle please don't look at false breakdowns, breakouts and wicks all around. Watch the whole picture.
Also on daily we see that RSI and MACD are on the same levels as in 2018.
Expecting Bitcoin to break through the 9K level of resistance and go to at least to the level of 0.618 Fibonacci retracement that is 10500 area. My personal bias is that
BTCUSD
will go slightly higher to 12K and close the futures gap. All gaps on
BTC1!
CME Futures were closed before. It is likely for that one to be closed as well.
What will happen next the price will tell.
See you in future updates.
The consolidation period lasted from the 26th of September 2019 after
BTCUSD
broke down the descending triangle and fell to 8K area is about coming to an end. Analyzing the behavior of Bitcoin price during the year 2018 I see the same fractals and patterns that
BTCUSD
repeats again and again. Local bull trend from 3K to 12K area has ended with distribution phase, broke down the 9K support and fell to approximately 7700 level. Just the same happened in November 2018 after breaking the 6K support and falling to 3K.
What we see now is the consolidation phase with decreasing volume and volatility. Price of
BTCUSD
is forming an ascending triangle just the same as it formed in crypto winter of 2018-2019. If you don't like that triangle please don't look at false breakdowns, breakouts and wicks all around. Watch the whole picture. Also on daily we see that RSI and MACD are on the same levels as in 2018.
Expecting Bitcoin to break through the 9K level of resistance and go to at least to the level of 0.618 Fibonacci retracement that is 10500 area. My personal bias is that
BTCUSD
will go slightly higher to 12K and close the futures gap. All gaps on
BTC1!
CME Futures were closed before. It is likely for that one to be closed as well. What will happen next the price will tell.
See you in future updates.
Look how beautifully the price reacts and forms the same fractal pattern: