BTC's Huge Triangle.
Updated
BTC landed support (pink dotted trendline) that existed from the beginning of BTC's bull run in April of 2019. We have our top blue dotted line that has been our main resistance for this run up. Together they form a huge triangle.
BTC could be going range bound for the month of Oct, until the beginning of November is when we should see price consolidate until a breakout. Still does not rule out the possibility a breakout from our triangle could happen sooner.
S1 Support
8K is a very significant level, here we have the most volume(PoC Volume Profile) from April until now.
Our next support should be around 7200 at .382 of our fib retracement.
After that, the green rectangle is where I would have my target if we have a breakout to the downside.
R1 Resistance
Our first hurdle is our R1 resistance where we face our EMA's (yellow,purple) as resistance.
Then our main resistance is top blue dotted trendline in our downtrend channel.
After that we have our red rectangle where we have our 50 (green) and 100 (orange) SMA should be an indicator for some resistance.
BTC could be going range bound for the month of Oct, until the beginning of November is when we should see price consolidate until a breakout. Still does not rule out the possibility a breakout from our triangle could happen sooner.
S1 Support
8K is a very significant level, here we have the most volume(PoC Volume Profile) from April until now.
Our next support should be around 7200 at .382 of our fib retracement.
After that, the green rectangle is where I would have my target if we have a breakout to the downside.
R1 Resistance
Our first hurdle is our R1 resistance where we face our EMA's (yellow,purple) as resistance.
Then our main resistance is top blue dotted trendline in our downtrend channel.
After that we have our red rectangle where we have our 50 (green) and 100 (orange) SMA should be an indicator for some resistance.
Note
Looking at our 1Weekly Chart, BTC is making a clear support on the 200 SMA (orange). We have a good possibility to go up to test 9k where we have our 12 EMA (yellow) that's also following along our blue dotted resistance trendline.
Note
Bullish daily divergence on the 1 Daily. We got a nice bounce to put us above our EMA's(yellow/purple). Got up to 8800 to test our R1 resistance and blue dotted resistance trendline. A breakout from our blue dotted trendline and we could see us go up to test our 100 SMA (orange) at around 9700.
Note
Looks like we got a breakout from our descending channel. Currently 100 SMA (orange) holding as resistance. We have a good chance to fall back to 9000$ to test our 50(green) and 200(red) SMA as support.
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