Updated

Decisive weekly move soon. Future path of BTC to be revealed.

So everyone is looking at the weekly level of 11.5k - 12k area.

With price Forming a symmetrical triangle, targets at 13k (bullish break) and 10.5k(bearish break) This will be one of the most decisive weekly closes we've seen on btc.

The way we resolve this pattern will decide the future of btc! Symmetrical triangles can break both ways! Trading the breakout of this pattern is not a bad idea at all.

If we close below 11.5k on the weekly that would be pretty bearish. Close above would be bullish.

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I am looking for a break above 12k with good volume and a close on the hourly to confirm the bullish break. Same applies to 11.5k area now.

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Not looking good for bulls. Clean break of support it seems.

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To be frank i am not a fan of taking a short position at the current area. 11.1k offers strong daily support. I think i will pass this trade on. Too much of the awaited move already took place, So risk reward is pretty low here considering its weekend action.

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1h and 4h support still holding strong. although the triangle broke downwards critical supportst have held. 11.1k is a pretty big level on the daily.

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Failure to break this area means we are going much much higher.

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The lower TF's are throwing up bullish divergences near a strong daily support. Won't be a bad idea to risk a long here actually.

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Just sideways for now. On the hourly, Break above 11,550 could possibly mean we are going back to 12k area. For now btc is content with sideways it seems. The red area is a good place to manage risk. Breaking and closing below the red line @ 10.8k on the 4hr would be bad for bulls.

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Supports broken. Bearish till we go back above 11.1k.

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Interesting 4h candle. Not yet a reversal sign yet - lets see if bulls show up at all. 9.5k is the area to watch - If 9.5k breaks the next stop would be 8.8k and then 8.2k which are very very strong supports.

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Some signs of recovery..Daily not looking too good yet. 10.8k still massive resistance area.

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Break above 11.5k would be very very bullish. Another symmetrical triangle forming it seems?

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Some sort of rising wedge forming on the hourly. Not a great fan of wedges but we'll see soon whether this bull move has any power in it or not.

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Ok so that rising wedge was a pseudo formation it seems.

To summarize current scenario - Indicators look bearish -

Price action LOOKS bullish - Bullish market structure is INTACT till we break 9k.

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I will turn bullish as soon as we start closing daily candles above 11k area.

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Currently not in any position. 10.5k very huge area, lets see if we break it on the hourly.. that would be bullish indication.

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Going up?

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Hmm level seems to be stronger @ 10,750- 108000 area now..Taking out 10.8k is definite signs bulls are back. We will see by todays daily close.

10600 area - bollinger bands ,
10700 area daily 21 EMA.

Lower TF's say we go up, But higher TF's not so much. 10.8k key level to watch on the daily close.

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Very nice close for bulls. However, the distance to next resistance is very short for me to be interested in a long. I'd prefer a close above 11.1k on the 4h charts before going long again.

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Also the green area is ichimoku cloud resistance..so this 10.8k - 11.2k area is also filled with lots of resistances. Not the place to be going long...waiting for break of this resistance.

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10.5k-10.6k area critical to hold on the daily if bulls should have any chance. If 10.5k breaks again on the daily - it'd be pretty damn bearish.

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Ok a change of levels and zones.

As you can see - we have small supports near 10.6k and 10.4k. Breaking 10.6k on the hourly would be bearish in the short term - Breaking 10.6k on the daily would be quite bearish.

The big red levels are the ones that matter, And they are still intact.

I am long at 10.6k and gonna manage my risk around here very carefully.

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Ok charts are looking pretty nasty for bulls RN. I took a loss on my 10.6k long - A 4h closing below 10.1k area will be extremely bearish. Unless price goes back up and closes above 10.6k on the daily - I remain neutral.

Breaking 10.1k on the 4h = bearish. Close below 10.6k on the daily = bearish.

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only reason i have not shorted this price action is because we are some near good support at 10.1k - a fib level and daily, and 4h support - close below10.1k on the 4h and i will most probably switch to a bearish view.

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Important levels and the last line of defense for bulls. If these levels fail utter chaos will be coming. I pray they hold.

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