Long

BTC bullish to about 27k?

Updated

BTC has been in an interesting consolidation lately but seems to really be tightening lately. Looks like a symmetrical triangle on declining volume that can move to 26.7k on a break up. These are usually continuation patterns so I am bullish on this pattern until invalidation. The stock market has made its move down lately and is at support. There's not a clean setup on it yet, but I am expecting it to bounce from support giving BTC the relief it needs to beat 25k. If this pattern fails, I will look for the 19.8k-20k level. That is the downside target.

Note

Here is the declining volume on the weekly view.

Note

This setup requires that the stock market bounce from where it is. If it fails, then this setup will break down to the 19.8k level

Note

BTC update: We have broken down out of the pattern in a spike in sell volume. Its possible we close the dilay back in the patttern, but I think it really unlikely. I am starting to look for the 20k area aftter todays close

Note

This pattern has failed and we have hit our 19.8k target

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