Based on the charts, I believe BTC is about to finally finish its 3 month long consolidation period within the next few days. BTC could be getting ready to nock out long positions by dropping to the 0.7986 level at $9,680 - which is very close to the 21 W EMA ! - only to then trap bears opening shorts expecting a crash. The structure price is forming here seems to be leading to a powerful move to the upside with the target nearing $11,500! The current triangle should provide a substantial drop to the 0.786 and have orders waiting to absorb the long stops and short orders. Price should quickly reverse and begin its rise up to the next area discussed in a prior post.
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As always this is my opinion ! let me know what you think !
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Measured move!
Measured move!
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Patience for the second dip into this range or a break above the down sloping resistance.
Patience for the second dip into this range or a break above the down sloping resistance.
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mid channel support for now !
mid channel support for now !
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recent development
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Make sure to check out my up to date analysis on my new post!