Bitcoin Moment Of Truth...
Updated
Current Conditions:
1.) Apparent symmetrical triangle forming, with price action nearing a breakout.
2.) Volume dropping off.
3.) Price appears to be moving down within a channel. Linear regression line applied with standard deviations above and below for visual purposes.
Target:
In an effort to determine potential targets, segment AB was drawn at the opening of the triangle and placed at the apex. This gives a target around $6200. If we assume the path to follow the same path as segment XY, then this would lead to the target being reached some time within the next 12-24 hours. This would also coincide with the bottom of the channel formed by the linear regression.
1.) Apparent symmetrical triangle forming, with price action nearing a breakout.
2.) Volume dropping off.
3.) Price appears to be moving down within a channel. Linear regression line applied with standard deviations above and below for visual purposes.
Target:
In an effort to determine potential targets, segment AB was drawn at the opening of the triangle and placed at the apex. This gives a target around $6200. If we assume the path to follow the same path as segment XY, then this would lead to the target being reached some time within the next 12-24 hours. This would also coincide with the bottom of the channel formed by the linear regression.
Note
Alternately, it could follow the linear regression down to that low $6000's lever and get there in early February...Note
Updated support and resistance lines. Targets moved up: Trade closed: target reached
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.