Bitcoin appears to be coiling into an extremely tight range. Forces of Supply and Demand are evenly balanced as price converges to the apex of a triangle formation. Everything in the Universe that contracts... eventually expands. 💥 An explosive move is coming. 🚨 I'm not certain which direction Bitcoin will break out to to, but my bias is to the upside because On Balance Volume (a clue into what institutional investors are doing) is maintaining its hold near its 2019 highs! (This is crazy if you think about it.)
Note
Side note, I believe the only reason why Alts have been rallying is because Bitcoin has been ranging sideways and there is bullish sentiment... should Bitcoin make an explosive break out of its symmetrical triangle formation, I believe it will leave the Altcoins in the dust. (Yes, Bitcoin Dominance has been falling, but nothing goes down forever...)Note
Adjusted Triangle Formation to include more points of contact. It looks like Bitcoin whales have made the decision to push higher since it broke above its apex. But price needs to clear $9,500 with a surge of Volume to show us that this is not a Bull Trap!Note
BITCOIN 🚀 Above $9,500 is NOT a Bull Trap! 👨🚀On Balance Volume breaks above Resistance to confirm the Symmetrical Triangle (Supply and Demand were equally balanced up to an apex) ...price breakout to the upside was not a Bull Trap! The longer the contraction, the more explosive the expansion...
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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.