spreck

BTC journey to the land of the bulls..... or death?

BITFINEX:BTCUSD   Bitcoin / U.S. Dollar
BTC is currently testing the 5700-5750 range. This is historically a strong support.

If it breaks below this, there is another strong support area at 5500. However, if we get there we're already in trouble because anything below ~6000 is not cost effective to mine.

If we break an close below 5500. Well...... lets hope it won't get there.

For the highlighted areas:
The green is the symmetrical triangle i'd hope to see PA bounce around in.
The Lighter green, is if it stays above that support at 5700 but finds resistance from symmetrical triangle.
The yellow is the ATH trend line , ultimately we will likely see movement all in here, this is the major break out we need to see.
The big green area above is where we want it to be, it's where BTC wants to live for our sake.

I'm sure everyone here will see 1000000 different analysis, reasons, opinions, etc on BTC's movement if you look today. And certainly mine is only 1/1000000.

But honestly, its times like this that get me excited. Substantial movement like this is writing the story.
What supports will hold? Where are the strong and weak supports/resistances? How will price action move?

Right or wrong, I am only attempting to predict the plot. But have no doubt, this story is being written by those with far more influence than you or I.

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