BTCUSD compression in RSI
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As BTCUSD encroaches its upper resistance there is also pressure from the lower resistance "red line" (NOT a flat bottomed triangle), so far BTC has stuck within its channels as per my previous posts.. If BTC fails to break this lower resistance line in the enxt day or so, it seems the increasingly desperate shorters are failing in pulling the price lower since June. Mind all this is with comparatively low volume "see previous volume curves chart" so anything could happen with some major volume increase.
If the lower resistance holds a break through the upper resistance seems ever more possible before retrace to the lower resistance as in 2014. Breaking the upper resistance in this COMPRESSED fashion may be enough to swing the Bear back to a long term Bull trend.. A flip would lead to huge amount of shorts being liquidated and subsequently could cause large upswing to around 10K - the pre June high.
If the lower resistance holds a break through the upper resistance seems ever more possible before retrace to the lower resistance as in 2014. Breaking the upper resistance in this COMPRESSED fashion may be enough to swing the Bear back to a long term Bull trend.. A flip would lead to huge amount of shorts being liquidated and subsequently could cause large upswing to around 10K - the pre June high.
Note
if one extends "upper limit to potential jaws" line, this puts BTCUSD at around 10K in mid / late December
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