Bitcoin sitting exactly where it should
Updated
BTCUSD had a slow start this year and while everyone are looking at 15 min. charts, the big picture is getting clearer. With the current drop to low 7000s, Bitcoin reached another decision point and this will help a lot confirming a long-awaited bull trend.We are currently sitting on an year-long support, inside a well formed symmetrical triangle. Triangle can verify a continuation of the current bear trend or act as a strong reversal. Ichimoku cloud base line and 200 MA are both flipped over and indicate short-term resistance levels. RSI is getting oversold. Chaikin Money Flow indicator still negative, but could become a good tool for confirming a reversal.
If Bitcoin fails to hold the current long-term support, next stop is 6'000-6'600 (previous two lows in 2018). If bulls lose the 6'000 level, all hope for a bullish summer is lost.
However, a higher low here, followed by a bullish break of the triangle looks more and more likely every single day.
If we break upward, first target to clear is 10'000 (a psychological resistance for many traders). Breaking 12'000 (below which a double-top occurred in march) would be the point where FOMO is triggered.
Comment
6600 area failed to hold. We are going down to 6000. It better hold #abandonship
Comment
5800-6000 range holding so far, we continue to observe. A lot of interesting things happening in the 4H/1H scale. I believe 5800 will hold, with possible short-term wicks to 5400-5500.
Comment
Since we long broke 6k, my buy targets would be 2400 - bottom when following fractals
1800 - bottom on the Fib. extension
1200-1300 - going all back to where 2017 rally started
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