Allot of pressure on both sides, seller and buyer, is accumulating and with this Triangle pattern being formed, a breakout is inevitable.
The only thing you must do is to find the perfect entry. Good luck.
There is absolutely no surprise with BTC movements now, so anytime can hit a year low, and than a 2 year high or any other crazy combination in the same year.
But, if this is the year of BTC to recover the past years lost, than we might have 2 chances to buy it cheap as show in the picture.
The expression of ''Rally over'' is totally wrong, and that is because since it's beginning, BTC WAS ALWAYS ON RALLY, the only thing that was different, was the up strong impulses relative to aggressive corrections, relative to TIME.
By that I mean, HOW HIGH for HOW LONG can it go before getting a correction of HOW LOW for HOW LONG???
So now we must answer two...
This is why I hate price action on BTC. When you think the market has established a trend, than everything goes upside down. We believe that the last movement on BTC was just a fair correction in the 20.000 USD target still to come....but...is it over??? Even doe I am still bullish, the volumes of sellers for the last candles where very strong, which means that...
So fortunately the triangle was broken to the upper side. I will TP at 20.000USD. Maybe by the end of the month. Than...over 50.000 By the end of the year. Sound crazy and optimistic :), but isn't what BTC always was doing for the last years???
Sorry for the mess, but unfortunately that is how the reality of Technical analysis looks on BTC.
I need to make a very important remark before, and that is that there is no INDICATOR, or TECHNICAL STRATEGY, that involves trend analysis, candle stick patterns, chart or price action trading, that will repeat itself, IF MORE TRADER ARE NOT SEEING, OR TRADING THE...
If this type of formation will prove wright every time, than probably we all be reach traders, but that is not the case. Still, what made me take this trade is that Gold had a strong Up movement and a possible correction should come. Also, the risk/reward ratio on this, is a positive reason to enter the trade.
If you look in the monthly chart, than you will understand why i called this the trade of the year. Now the price is doing an RSI divergence on Daily chart after a 2500 pips fall, so BUY signals shod be searched for.