Bitcoin: the triangle that everyone can see
The triangle: a measured move to the upside takes us to about 15k, and a measured move to the downside would take us to around 7k.
Exceeding 13.7k on the upside would avert downside, and depending on the structure, a solid close into the 15k region could be the beginning of a new rally.
On the downside, we have monthly, weekly and trendline support. A final capitulation cannot be ruled out. Markets must move to take the most money from the most people - what will those be doing at 8k when they got out credit cards to buy in at 18k?
A touch of 9-7k range is perfectly acceptable and a welcome buy opportunity. A weekly or even monthly CLOSE in that same region will be cause for concern that a multi-month bear market is beginning. I see no fundamental justification for this, so I will be buying when I'm certain downside has been averted.
Exceeding 13.7k on the upside would avert downside, and depending on the structure, a solid close into the 15k region could be the beginning of a new rally.
On the downside, we have monthly, weekly and trendline support. A final capitulation cannot be ruled out. Markets must move to take the most money from the most people - what will those be doing at 8k when they got out credit cards to buy in at 18k?
A touch of 9-7k range is perfectly acceptable and a welcome buy opportunity. A weekly or even monthly CLOSE in that same region will be cause for concern that a multi-month bear market is beginning. I see no fundamental justification for this, so I will be buying when I'm certain downside has been averted.
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