Hi all,
Looking at the 1h chart, Bitcoin is in a downtrend since May 18, but lower highs are part of the symmetrical triangle pattern, which is in formation since Saturday. Price is now narrowing the range to the zone between $9,800 - $9,650, so something is about to happen pretty soon !!!
If we zoom out, we see that the price is quite stable, finding support in the $9,500-$9,600 area and above the very important long-term downtrend.
The target remains the same - filling the gap between $9,600 and the psychological level of $10,000 and moving out of the symmetrical triangle pattern (also in line with the horizontal resistance).
RSI levels are near the place there were during January 10-13, just a day before the big green candle that eventually let to the year-to-date high of $10,360.
24-hour trading volumes are lower compared to the weekend and declining since Monday when they peaked at $42 billion. They are now at $29 billion.
Cheers,
Looking at the 1h chart, Bitcoin is in a downtrend since May 18, but lower highs are part of the symmetrical triangle pattern, which is in formation since Saturday. Price is now narrowing the range to the zone between $9,800 - $9,650, so something is about to happen pretty soon !!!
If we zoom out, we see that the price is quite stable, finding support in the $9,500-$9,600 area and above the very important long-term downtrend.
The target remains the same - filling the gap between $9,600 and the psychological level of $10,000 and moving out of the symmetrical triangle pattern (also in line with the horizontal resistance).
RSI levels are near the place there were during January 10-13, just a day before the big green candle that eventually let to the year-to-date high of $10,360.
24-hour trading volumes are lower compared to the weekend and declining since Monday when they peaked at $42 billion. They are now at $29 billion.
Cheers,
