SEC's decision is coming at a crucial moment from TA's view
SEC's decision is coming at a crucial moment from a technical point of view. BTC had 4 failed attempts at breaking 6k and now, as we are approaching the SEC's decision, BTC is going for the 5th attempt at breaking 6k.
For the last 9 months BTC has been printing an uninterrupted series of lower lows and for the last 7 months it has been printing a huge descending triangle with a very low target according to theory. There is nothing bullish on this chart, not even slightly. Even without knowing the descending triangle as a chart pattern it is very obvious that the bounces from 6000 became weaker and weaker and it's only normal to expect the price to fall through the support sooner or later.
The range in which BTC can move inside the triangle is narrowing and on the high time frames we are starting to see a BB Squeeze. BB Width on the 3Day and Weekly chart is low and if we continue to stay in the triangle until SEC's decision it will be even lower so the longer it takes to break the triangle the more violent the move will be. We expect SEC's decision to be negative and accelerate the fall if we break the support before the decision or trigger the fall if we haven't broken the support yet.
For the last 9 months BTC has been printing an uninterrupted series of lower lows and for the last 7 months it has been printing a huge descending triangle with a very low target according to theory. There is nothing bullish on this chart, not even slightly. Even without knowing the descending triangle as a chart pattern it is very obvious that the bounces from 6000 became weaker and weaker and it's only normal to expect the price to fall through the support sooner or later.
The range in which BTC can move inside the triangle is narrowing and on the high time frames we are starting to see a BB Squeeze. BB Width on the 3Day and Weekly chart is low and if we continue to stay in the triangle until SEC's decision it will be even lower so the longer it takes to break the triangle the more violent the move will be. We expect SEC's decision to be negative and accelerate the fall if we break the support before the decision or trigger the fall if we haven't broken the support yet.
Comment:
Volatility is low even on the weekly time frames. So another big time frame with a squeeze.
Volatility is low even on the weekly time frames. So another big time frame with a squeeze.
The slow and painful death of volatility on the 3d chart. Since Feb 2017, we saw a big move after every fall of BB Width to ~ 0.3. 2017 was a bull year so the moves were up but now we expect to see the moves down.