XBT within a symmetrical triangle. Strong resistance at 3415.
XBT is currently within a Symmetrical triangle pattern, and we could see a break-out soon as the range is tightening. The last 12 hours or so have been very interesting; we saw a drop to the bottom of the symmetrical triangle (.382 fib level) around 3360 before seeing a 1.5-2% move back up to the top of the symmetrical triangle around 3415 before getting rejected. Right now, price is finding support on the 20 MA on the 4-hour (shown in purple) and is finding over-head resistance from the symmetrical triangle, the .5 fib level, and the 10 MA shown in orange. I suspect since we did not break out to the upside on the last attempt, we will retest the bottom of the symmetrical triangle formation around 3360-3370 (.382 fib level) again. If we break to the downside, the measured move would put the drop to around 3000. If we can hold the bottom once more and start to move back up, and eventually break-out, I'm watching 3650-3750 as my target area, and then 4000-4200 if we get some major bullish momentum to back up the break-out.
Moving averages:
10 MA: Orange
20 MA: Pink
50 MA: Green
100 MA: Yellow
200 MA: Red
What to watch for:
1.) Sustained break below the symmetrical triangle and the .382 fib level around 3360 which could take the price down to around 3000 if the measured move plays out. Watch for the price to retest the symmetrical triangle formation as new resistance if price does break down. Prior support zones at 3330, 3300, 3250, and 3200.
2.) Sustained break above the symmetrical triangle and the .5 fib level around 3415 which could take the price up to 3650-3750 if the measured move plays out, and potentially 4000-4200 if the bullish momentum maintains. Watch for the price to retest the symmetrical triangle formation as new support if it does break up. Prior resistance zones at 3470, 3540, and 3650.
--This is not financial advice. Always do your own research and come to your own conclusions before buying/investing, as investing in cryptocurrencies comes with high risk and high amounts of volatility.
If my post was helpful, and you'd like to support me, here are my donation addresses:
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Many thanks! :)
Moving averages:
10 MA: Orange
20 MA: Pink
50 MA: Green
100 MA: Yellow
200 MA: Red
What to watch for:
1.) Sustained break below the symmetrical triangle and the .382 fib level around 3360 which could take the price down to around 3000 if the measured move plays out. Watch for the price to retest the symmetrical triangle formation as new resistance if price does break down. Prior support zones at 3330, 3300, 3250, and 3200.
2.) Sustained break above the symmetrical triangle and the .5 fib level around 3415 which could take the price up to 3650-3750 if the measured move plays out, and potentially 4000-4200 if the bullish momentum maintains. Watch for the price to retest the symmetrical triangle formation as new support if it does break up. Prior resistance zones at 3470, 3540, and 3650.
--This is not financial advice. Always do your own research and come to your own conclusions before buying/investing, as investing in cryptocurrencies comes with high risk and high amounts of volatility.
If my post was helpful, and you'd like to support me, here are my donation addresses:
BTC: 3JA2z6FkxDhEHo5ncMEHHGLx78dzzwC1KH
ETH: 0x61DF878e5436530122f1A303e095dBd344502228
LTC: MVDbAhm2yoyCzeRnayMN61oZp75MZ5SZVj
Many thanks! :)
Comment:
And down it went. Finding some support around the .236 fib level around 3300, but I do not think this level will hold. I'm watching 3180-3250 next, and if that breaks, then we might see 3000:
