Huge Symmetrical Triangle will determine Bitcoin Future Outcome!
Updated
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Hello traders investors and community. We live in volatile times today! As the news is spreading the coronavirus fears and national emergencys called in many countries of the world we see rumors facing all important financial markets including the cryptocurrency market and the biggest cryptocurrency of all, bitcoin!
We saw BTCUSD breaking down several support levels as it formed a major low at 3850 after a heavy downfall making more than minus 50 % in just one day. Today I discuss with you the important price pattern I detected observing the bitcoin chart and the heavy outcome BTCUSD will show us in future!
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When looking at my chart you can see this huge historical triangle forming after the major high was seen in 2017, as looking objectively on the triangle we can say that we
are still trading in a consolidation phase considering the long-term approach. The symmetrical triangle will break either in the bullish or bearish direction with a heavy outcome, the longer we are trading in the triangle the heavier the outcome will be, so at this point, we need to wait and look for more bearish or bullish signs to confirm the definite outcome of the triangle.
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Sell-Off:
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Local Support/Resistance:
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Considering the next days and weeks I am expecting up-moves to higher levels at least to recent support/resistance levels between 6460 and 6900, after this a test of the upper triangle line as seen in my chart is highly likely. Either of the two targets marked in dark red will be reached when the triangle confirmed in the bullish or bearish direction.
I know many of you want to believe in the crypto bull market but at the current point there also has to be considered the bearish scenario as also the major stocks and world economy showing bearish signs we are facing a possible recession the next months and years, therefore the bearish scenario has to be considered and taken seriously.
__________________________________________________________________________________________________________________________________________________________________
Thanks for watching, I hope everybody found this analysis useful. For more market insight feel free to support my work with a like and follow. I wish everybody of your good days and a nice weekend!
“It is the job of the market to turn the base material of our emotions into gold.” In this manner have a good weekend my friends!
__________________________________________________________________________________________________________________________________________________________________
Hello traders investors and community. We live in volatile times today! As the news is spreading the coronavirus fears and national emergencys called in many countries of the world we see rumors facing all important financial markets including the cryptocurrency market and the biggest cryptocurrency of all, bitcoin!
We saw BTCUSD breaking down several support levels as it formed a major low at 3850 after a heavy downfall making more than minus 50 % in just one day. Today I discuss with you the important price pattern I detected observing the bitcoin chart and the heavy outcome BTCUSD will show us in future!
__________________________________________________________________________________________________________________________________________________________________
When looking at my chart you can see this huge historical triangle forming after the major high was seen in 2017, as looking objectively on the triangle we can say that we
are still trading in a consolidation phase considering the long-term approach. The symmetrical triangle will break either in the bullish or bearish direction with a heavy outcome, the longer we are trading in the triangle the heavier the outcome will be, so at this point, we need to wait and look for more bearish or bullish signs to confirm the definite outcome of the triangle.
__________________________________________________________________________________________________________________________________________________________________
Sell-Off:
__________________________________________________________________________________________________________________________________________________________________
Local Support/Resistance:
__________________________________________________________________________________________________________________________________________________________________
Considering the next days and weeks I am expecting up-moves to higher levels at least to recent support/resistance levels between 6460 and 6900, after this a test of the upper triangle line as seen in my chart is highly likely. Either of the two targets marked in dark red will be reached when the triangle confirmed in the bullish or bearish direction.
I know many of you want to believe in the crypto bull market but at the current point there also has to be considered the bearish scenario as also the major stocks and world economy showing bearish signs we are facing a possible recession the next months and years, therefore the bearish scenario has to be considered and taken seriously.
__________________________________________________________________________________________________________________________________________________________________
Thanks for watching, I hope everybody found this analysis useful. For more market insight feel free to support my work with a like and follow. I wish everybody of your good days and a nice weekend!
“It is the job of the market to turn the base material of our emotions into gold.” In this manner have a good weekend my friends!
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Note
Information provided is only educational and should not be used to take action in the markets.Note
ANALYSIS UPDATE: BITCOIN made a great leap and bounced within the lower boundary of the gigantic triangle formation to increase massive bullish velocity into the upper ranges.Since BITCOIN moved into the upper boundary and bounced above it the bullish volume reached such significant levels that an enormous historical price move was almost inevitable.
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