The channel in which #bitcoin price is consolidating has been very consistent, acting as both resistance and support. A confirmed breakout (retest and hold 9k) and $BTC can target the 2018 highs at 1.618 Fib level. Failure to cross means reversal to the lower end of the channel.
Let's look in detail what's happening to bitcoin price. Right now we can spot two kinds of Elliot wave pattern: a correction impulse wave pattern or an uptrend impulse wave pattern. A break above $8340, or down below $8100, would be notable. In between is just noise.
Lets' look at this 80 days bitcoin consolidation among lower highs & higher lows. Price action getting tight inside the triangle pattern, and if BTC doesn't breakout and trickles down to lower support, it won't hold. We are arriving to a point where something gotta give.
Middle channel line is acting now as a strong support, but let's not forget that yesterday Bitcoin broke MA100 (which has been support since last february) and between three days MA200 will reach channel lower support. If instead middle channel line will held as support, then expecting a retest of the upper channel resistance will almost be a certainty.
This XEM chart tells us when Alt season can begin. If we watch it carefully, whenever has been tested as support and held, Alt season begun. When tested as resistance and couldn't be broke, all Alts fell heavily. Bitcoin runs the show and its near term price action will dictate if Altcoins would be a good trade. If Bitcoin price wwill range for several weeks in...
Bitcoin is at a critical juncture here in the chart. A confirmation of the H&S pattern will be the break of the ascending support (green) and incapability to break $8400 resistance. Lack of increasing volume still remains suspect.