Key moment for $BTC - 13,000 or 10,850
Key Levels
Short term
Supports -> S1: 11,800 & S2: 10,850
Resistances -> R1: 12,300 & R2: 13,000
Medium/long term
Supports -> S3: 9,900 & S4: 9,400
Resistances -> R3: 13,700 & R4: 14,000
Potential Scenario
The bearish channel, that has been keeping the Bitcoin price down, has been broken. This breakout has been performed with a pull-back to the upper line of the channel. Which usually suggest that the price will keep on increasing as the buyers are in control.
On the other hand, we are seeing BTC making lower maximums, which is a bearish sign.
TA Comment
Currently BTC is at a turning point, does it continue it's way up, or will the bears take over and continue the bearish channel.
By using the Aroon indicator it is easy to identify trends, their direction and their strenght. It will show ranging as well. By automating this indicator, it could send buy and sell signals in the event of bitcoin finally picking a trend.
Pattern
After the channel breakout, the price is making a symmetrical triangle. Usually, this pattern suggests that, once it is almost completed, the price will make a sharp movement up or downward. If it moves upward, we can see BTC testing R2 at $13,000. On the other hand, if the movement is bearish, the price can go back to the bearish channel and head to S2 at $10,850.
Short term
Supports -> S1: 11,800 & S2: 10,850
Resistances -> R1: 12,300 & R2: 13,000
Medium/long term
Supports -> S3: 9,900 & S4: 9,400
Resistances -> R3: 13,700 & R4: 14,000
Potential Scenario
The bearish channel, that has been keeping the Bitcoin price down, has been broken. This breakout has been performed with a pull-back to the upper line of the channel. Which usually suggest that the price will keep on increasing as the buyers are in control.
On the other hand, we are seeing BTC making lower maximums, which is a bearish sign.
TA Comment
Currently BTC is at a turning point, does it continue it's way up, or will the bears take over and continue the bearish channel.
By using the Aroon indicator it is easy to identify trends, their direction and their strenght. It will show ranging as well. By automating this indicator, it could send buy and sell signals in the event of bitcoin finally picking a trend.
Pattern
After the channel breakout, the price is making a symmetrical triangle. Usually, this pattern suggests that, once it is almost completed, the price will make a sharp movement up or downward. If it moves upward, we can see BTC testing R2 at $13,000. On the other hand, if the movement is bearish, the price can go back to the bearish channel and head to S2 at $10,850.
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