BTC critical point
By now, BTC is struggling to maintain inside the triangle that has fully respected, touching the resistance twice before, and rebouncing from there.
In BTC Coinbase chart , price broke down but it came back to the triangle and close exactly in the support of the triangle.
BTC is in a symetrical triangle that has not defined yet where to go, and has been forming lower highs and higher lows.
Stochastic is in a oversold area looking to cross for an upside, as shown in the white circle.
Volume Momentum is indicating bears and the short term downtrend are losing power, as shown in the second white circle.
Also we have a bigger symetrical triangle that was formed before and broke down, the actual triangle could be a fractal of the previous one, indicating it has lot of chances to break it down.
If price breaks down the triangle, we might see BTC going down to the lowest point of the downtrend near $9200 quickly and maybe deeper.
Now is a very risky scenario to trade.
Next hours will be critical to define where BTC is going.
In BTC Coinbase chart , price broke down but it came back to the triangle and close exactly in the support of the triangle.
BTC is in a symetrical triangle that has not defined yet where to go, and has been forming lower highs and higher lows.
Stochastic is in a oversold area looking to cross for an upside, as shown in the white circle.
Volume Momentum is indicating bears and the short term downtrend are losing power, as shown in the second white circle.
Also we have a bigger symetrical triangle that was formed before and broke down, the actual triangle could be a fractal of the previous one, indicating it has lot of chances to break it down.
If price breaks down the triangle, we might see BTC going down to the lowest point of the downtrend near $9200 quickly and maybe deeper.
Now is a very risky scenario to trade.
Next hours will be critical to define where BTC is going.
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