BTC: $2k Move is Coming

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Bitcoin is printing a pretty decent Ascending Triangle with a proper volume signature.
10k level has been tested more than 4 times in May. As we know, the more times a certain level is tested, the more likely it is going to break. Next time we approach 10k (the top of the triangle), we are going to break it.

The full measured move out of the triangle is 1.8k (up or down)

For the bullish case we need to break 10k. If we do, I would anticipate a continuation to 10.5k and potentially to 11.5-12k region where we have a pretty old CME Gap

CME Gap

The upward channel still in play, Mid Line has acted as a great support lately along with EMA50
The top of the channel comes in line with the CME Gap

Here is why at this point in time 10k is important as never before
A sustained triangle breakout would turn the macro picture upside down. The declining resistance trendline coming from the 2017 high of 20k has been very tough, but a tough resistance is supposed to break one day. A break above it would be VERY significant



What do you think about it? Are you bullish or bearish? Share your thoughts in the comments!




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The information given is never financial advice. Always do your own research.