The next 24-48 hours could be decisive for the next BTC move.
BTC has been slowly grinding sideways at support on a descending triangle, the past few days.
Descending triangles tend to have a bearish bias and we could see a break below support.
A break of the descending trendline may lead to a nice bounce play but right now we're on the fence.
On the Bull side,...
1. Support holds at $6000-$6500, we create a Adam & Eve Double Bottom, and break out of the Descending Triangle
2. Support breaks at $6000-$6500, we see a final washout/capitulation candle, before a major bounce to prior resistance around $10,000-$12,000
Either way, I'm ready and loaded to scale in on a breakout, or buy a dip.
Possible outcomes for the next few days (perhaps 1-2 weeks)
- Retest the $9500 resistance area
- If we get enough momentum, we could break resistance. Next resistance would be around $10,000-$11,000
- But I wouldn't be surprised to see some sellers stepping in at resistance for some profit taking, and we could see a drop to retest the ~$8000 support area