Hello, Traders!
BTC is currently within a symmetrical triangle. There is a downwards resistance trend line, with an upwards support trend line. Both have similar angles, it has seen a symmetrical triangle form as a result.
The last time BTC saw a symmetrical triangle was in early July. The breakout direction of this triangle then saw BTC have a substantial rally. This saw BTC increase from $9000 USD to the heights of $12000 USD.
Now we see the same scenario, BTC is coming towards the end of the symmetrical triangle. The breakout of this formation will likely be the most important breakout this year. If it breaks out in a positive manner, we will see BTC strive for new heights likely reaching $15000 USD before the EOY.
Reaching $15000 USD would be good news for BTC. The gradual growth is seen since January (excluding the worldwide March crash), would show progress and increased stability around BTC.
If BTC breaks below the triangle substantially, it could see BTC head back down towards $8000 USD.
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In the bullish scenario BTC would break above the downwards resistance line. From here, we would then see BTC potentially retest the resistance line as support, before a move up to $11500 USD.
In the bearish scenario BTC would break below the upwards support line. BTC would test the current resistance line, although would fail to break it. Once a significant move has been made below the upwards support, BTC would be looking at $9600 USD.
Bullish scenario – $11500 USD + 7.7%
Bearish scenario – $9600 USD – 10.4%
Good luck and watch out for the market!
BTC is currently within a symmetrical triangle. There is a downwards resistance trend line, with an upwards support trend line. Both have similar angles, it has seen a symmetrical triangle form as a result.
The last time BTC saw a symmetrical triangle was in early July. The breakout direction of this triangle then saw BTC have a substantial rally. This saw BTC increase from $9000 USD to the heights of $12000 USD.
Now we see the same scenario, BTC is coming towards the end of the symmetrical triangle. The breakout of this formation will likely be the most important breakout this year. If it breaks out in a positive manner, we will see BTC strive for new heights likely reaching $15000 USD before the EOY.
Reaching $15000 USD would be good news for BTC. The gradual growth is seen since January (excluding the worldwide March crash), would show progress and increased stability around BTC.
If BTC breaks below the triangle substantially, it could see BTC head back down towards $8000 USD.
<deleted>
In the bullish scenario BTC would break above the downwards resistance line. From here, we would then see BTC potentially retest the resistance line as support, before a move up to $11500 USD.
In the bearish scenario BTC would break below the upwards support line. BTC would test the current resistance line, although would fail to break it. Once a significant move has been made below the upwards support, BTC would be looking at $9600 USD.
Bullish scenario – $11500 USD + 7.7%
Bearish scenario – $9600 USD – 10.4%
Good luck and watch out for the market!
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.
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.