For the past week Bitcoin has been moving within a symmetrical triangle, unfortunately not the most helpful of chart formations as it can indicate both a continuation or a reversal. Though perhaps unsurprising at such a pivotal level - we've been testing this support line around $6175 multiple times since June and so far it has always held. However, market sentiment is very negative at the moment, so it would seem more likely the triangle is leading to a continuation.
Ultimately we are rapidly reaching the end of the triangle, combined with the 50 Moving Average that has shown some key signs of resistance on the two hour chart (and the 100MA on the one hour also), which together are rapidly forcing Bitcoin's hand to decide up or down.
I suspect a break within the next 24 hours at most - likely to the downside. Bitcoin has been desperate to retest $5800 for a while now and frankly it is probably healthy for the long time future and our next bull-run if we get down to $5200 first. It will also provide a well-needed clear out of altcoins that are not delivering on their roadmaps.
Please give me a thumbs up and follow me if you found my analysis interesting.
This is for educational purposes only and not a recommendation to buy or sell.
Ultimately we are rapidly reaching the end of the triangle, combined with the 50 Moving Average that has shown some key signs of resistance on the two hour chart (and the 100MA on the one hour also), which together are rapidly forcing Bitcoin's hand to decide up or down.
I suspect a break within the next 24 hours at most - likely to the downside. Bitcoin has been desperate to retest $5800 for a while now and frankly it is probably healthy for the long time future and our next bull-run if we get down to $5200 first. It will also provide a well-needed clear out of altcoins that are not delivering on their roadmaps.
Please give me a thumbs up and follow me if you found my analysis interesting.
This is for educational purposes only and not a recommendation to buy or sell.