BTC/USD - Bitcoin consolidating before breakout!🤩
Bitcoin is consolidating above this support line that used to act as resistance.
BTC has formed an ascending triangle (in blue) and so long price does not fall under the support line, the bias is bullish and we can expect BTC to break away and set a new all-time high.
This period of consolidation can take a while and may last until early November. During this time selected altcoins can rally sporadically as money moves around until BTC resumes its ascent.
Even if we fall below the support line, there is still plenty of room left for BTC to find support and pump, just that it will take longer to set new highs after that.
The indicators on 4h are rather flat, supporting the consolidation argument while on daily we are a bit bearish, but unless we fall below the support line, things are looking good.
BTC still has a lot to offer us before the end of the year. Stay tuned!
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BTC has formed an ascending triangle (in blue) and so long price does not fall under the support line, the bias is bullish and we can expect BTC to break away and set a new all-time high.
This period of consolidation can take a while and may last until early November. During this time selected altcoins can rally sporadically as money moves around until BTC resumes its ascent.
Even if we fall below the support line, there is still plenty of room left for BTC to find support and pump, just that it will take longer to set new highs after that.
The indicators on 4h are rather flat, supporting the consolidation argument while on daily we are a bit bearish, but unless we fall below the support line, things are looking good.
BTC still has a lot to offer us before the end of the year. Stay tuned!
Like and follow if you liked my idea!
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