You can see how the price has obeyed the yellow trendline. Generally, in a squeeze, we obey the larger trend and on the 27th we should break out downward. But I doubt that given the next trend support is at 7.5k and I don't think the bulls are going to let that happen. I expect 10.4k, or the red trend line, on the 27th. If we break that we can go to 10.9k at the pink trend line. If we break downward past 9.8k and don't quickly bounce back up, I'm expecting a 7.5k short opportunity, with a likely possibility it will stop and reverse sometime before actually reaching 7.5k. I still expect 10.6k in September with a breakout upward sometime in that month.
Oscillator on the weekly says we're still in a bearish divergence. I don't expect a 14k anytime soon. October at the soonest.
Oscillator on the weekly says we're still in a bearish divergence. I don't expect a 14k anytime soon. October at the soonest.
Trade active:
Bitcoin just pumped over the orange trend line, expect the price to be stable. 10.6k September. If we reach the pink line, 11k, I'd sell and wait for it to drop back into the wedge.