The descending triangle : Phase 1, Initial break out!
Hello fellas, welcome back to the Sunday bitcoin analysis!
Here you can see my previous analysis which said that bitcoin is in the consolidation zone which make today's movement looks very important and crucial for me. You can see that the descending triangle in current consolidation phase is playing an important role and can gives us a lot of clue.
For now, we see the 1st phase of breaking down of current triangle is precisely in play. we can see the bear's pressure is getting higher and higher on each day. If this condition hold and we can get a confirmation of this break down, we will see further push to the downside from bitcoin.
The further it falls, the higher the bounce could be. we should see the important key levels below to catch a possible huge bounce which are around the $7600 , $7200 and finally the major key support around $6000. Our analysis is still playing well with previous bias that I've been called many times.
For the altcoins, I still believe that it will have a negative correlations with bitcoin's potential moves. if bitcoin shows us a lot of bearish indication, the opposite thing I see on most of the altcoins which show us an absolute higher high and higher low combination pattern. current price is too low for altcoins.
So, prepare yourself to catch your favorite alts and let's see what could occure in the next few days or weeks.
Here you can see my previous analysis which said that bitcoin is in the consolidation zone which make today's movement looks very important and crucial for me. You can see that the descending triangle in current consolidation phase is playing an important role and can gives us a lot of clue.
For now, we see the 1st phase of breaking down of current triangle is precisely in play. we can see the bear's pressure is getting higher and higher on each day. If this condition hold and we can get a confirmation of this break down, we will see further push to the downside from bitcoin.
The further it falls, the higher the bounce could be. we should see the important key levels below to catch a possible huge bounce which are around the $7600 , $7200 and finally the major key support around $6000. Our analysis is still playing well with previous bias that I've been called many times.
For the altcoins, I still believe that it will have a negative correlations with bitcoin's potential moves. if bitcoin shows us a lot of bearish indication, the opposite thing I see on most of the altcoins which show us an absolute higher high and higher low combination pattern. current price is too low for altcoins.
So, prepare yourself to catch your favorite alts and let's see what could occure in the next few days or weeks.
