BTC/USD The Forgotten Triangular Pattern
Updated
I am sure everyone knows BTC is about to make a huge move. From May till June even on the current moment BTC/USD is moving very slow and getting less and less volatile. BTC halving is already over is and is going to moon right? 24k here we come!!
Here is a warning!!
BTC is still within a strong triangle pattern, and still, in a strong downward pattern market, you can see in the chart I made the triangle pattern started to form at the end of 2017 and yet to be broken. I ain't optimistic about BTC/USD could break the triangle in short-team (now and in the near months).
Zoom in and looking at the 1D Chart:
BTC has attempted to break 10k area and hasn't succeeded yet, the 10k area remains as the strong resistance before BTC Moon. And I am really pessimistic about BTC's ability to break it now.
Here my reason; From the RSI the bear in on a steady pace controlling the market, as the RSI keeps on decreasing the bear get stronger, which only makes BTC weaker to break the 10k resistance. Also, capital seems to get out from BTC, less $$$ in more $$$ out, in other word market are not interested in buying BTC anymore, and selling it. Just take a look at the BTC Dominance Chart.
Hence I suggest keeping an eye out for the Altcoins market, Altcoins season seems to be nearing, and start to build short setup for BTC.
The last question from me, Are we now on a consolidation phase for an upward trend or we had reached the exhaustion point of the upward trend?
Share your answer with me on the comment section below, and like the post for more upcoming analysis for BTC or Altcoins.
Here is a warning!!
BTC is still within a strong triangle pattern, and still, in a strong downward pattern market, you can see in the chart I made the triangle pattern started to form at the end of 2017 and yet to be broken. I ain't optimistic about BTC/USD could break the triangle in short-team (now and in the near months).
Zoom in and looking at the 1D Chart:
BTC has attempted to break 10k area and hasn't succeeded yet, the 10k area remains as the strong resistance before BTC Moon. And I am really pessimistic about BTC's ability to break it now.
Here my reason; From the RSI the bear in on a steady pace controlling the market, as the RSI keeps on decreasing the bear get stronger, which only makes BTC weaker to break the 10k resistance. Also, capital seems to get out from BTC, less $$$ in more $$$ out, in other word market are not interested in buying BTC anymore, and selling it. Just take a look at the BTC Dominance Chart.
Hence I suggest keeping an eye out for the Altcoins market, Altcoins season seems to be nearing, and start to build short setup for BTC.
The last question from me, Are we now on a consolidation phase for an upward trend or we had reached the exhaustion point of the upward trend?
Share your answer with me on the comment section below, and like the post for more upcoming analysis for BTC or Altcoins.
Note
Recently I discover wonderful analysis from Phi-Deltalytics, I recommend everyone to check it out as well
As for my own interpretation of the chart, it clearly showed the correlation between supply, demand, and price. Holders control the supply flow and trader control of the price movement. And holder will and only will give out their holding if the price is attractive enough resulting in a bull run.
And here is the exact reason, why I'm believing BTC is lacking the strength to push higher than 10K.
The short-term trader is dominating the daily trading and the prize zone where they bought and sell is within a close range, hence the volatility is low and prolonged it could cause the market to the point of exhaustion, and dumping will occur.
Note
Note
BTC keep on losing dominanceNote
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