BTC Reaching decision point! Up or Down!?
Updated
BTC showed strength after a bad CPI report last week, and we are now reaching a new decision point.
The bounce came more or less as expected, piercing a little lower due to News. (See past idea)
This trendline has held over the last 4 months, and is the result of one of the greater breakdowns we observed. (Orange Pattern) [35%]
If the channel is unable to hold against the trendline, this would likely be the result, once again. However I suspect if this occurs, we will see a strong bounce from the 16K region, and paint a new bottom.
The other option is a breakout from the descending trendline, which would allow a continuation of the channel. I doubt we would break up immediately, as the market is not hyped enough at the moment.
Instead we would see slow recovery, perhaps seeing 30k in mid September, with the ETH fork, giving stronger confidence in the market (Green Pattern) [75%]
What do you think? Comment Below!!
The bounce came more or less as expected, piercing a little lower due to News. (See past idea)
This trendline has held over the last 4 months, and is the result of one of the greater breakdowns we observed. (Orange Pattern) [35%]
If the channel is unable to hold against the trendline, this would likely be the result, once again. However I suspect if this occurs, we will see a strong bounce from the 16K region, and paint a new bottom.
The other option is a breakout from the descending trendline, which would allow a continuation of the channel. I doubt we would break up immediately, as the market is not hyped enough at the moment.
Instead we would see slow recovery, perhaps seeing 30k in mid September, with the ETH fork, giving stronger confidence in the market (Green Pattern) [75%]
What do you think? Comment Below!!
Note
BTC perfoming well over the weekend, major players have locked in longs. We will likely see decision around the FED meeting, be careful here!
Bad news might be good news.
Note
BTC is hitting trendline! Bulls must push above!!!
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