Bitcoin is now trading in a hard consolidation zone with a lot of faking out moves that produce a wick on both upside and downside. It's just enough to represent current choppiness in the market that can easily making a high leverage trader become liquidated. For now, I still see the price is still having a good momentum to the upside with a potential test to the above resistances. But, for sure it will be so ignorant if I don't cover the worse case scenario too.
The first scenario is the upside moves. This is actually the scenario that I'm very interested to occur in the near future. A consolidation moves toward the APEX of the ascending triangle which usually gives a good psychological factor for the upside moves. If this scenario is valid, we'll see the upside moves to test the above fibonacci levels that I draw. $14500 could be the major resistance for this moves.
The second scenario is the bearish one. I still see that this scenario won't come out in near future. But like what I've said, it will be very ignorant if I don't anticipate this moves. If the price breaks down below the support trend line of this ascending triangle, there will be an extra downside push toward the $10500 region which was a broken resistance that is now becoming the support
The first scenario is the upside moves. This is actually the scenario that I'm very interested to occur in the near future. A consolidation moves toward the APEX of the ascending triangle which usually gives a good psychological factor for the upside moves. If this scenario is valid, we'll see the upside moves to test the above fibonacci levels that I draw. $14500 could be the major resistance for this moves.
The second scenario is the bearish one. I still see that this scenario won't come out in near future. But like what I've said, it will be very ignorant if I don't anticipate this moves. If the price breaks down below the support trend line of this ascending triangle, there will be an extra downside push toward the $10500 region which was a broken resistance that is now becoming the support