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$BTC symmetrical tringle bullish pattern?

Updated

is in a rising symmetrical triangle pattern. This is a bullish pattern that usually breaks in an uptrend. We might touch the resistance at the EMA 100 before reversing to the upside, so be patient.

The MACD is not reset yet, and the RSI is showing many divergences created by the unexpected selling pressure that could not be forecasted by the chart.

However, the signs of a reversal are present, assuming that the selling pressure will stop.

The CMF is at the bottom, showing fear, and since it cannot go lower, it should recover. The RSI on the daily is close to the bottom, indicating a soon reversal to the upside.

In case of continued selling pressure, an invalidation of the chart would bring the support to the EMA 200 at 58k. Let's hope that does not happen.

Note

The drop is in the plan, however going <62k would invalidate. Hopefully the bears will wake up before we drop to 0

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We reached 64k as pictured in the chart. Now we should be at the bottom and bounce back. Let see what happens.

Note

Damn, has bounced on the bottom of the triangle. I hope it will last
In case it does, a bounce to 68k is expected, then another dump. (a,b,c structure)
Let see

Note

More Explanation About the Dump and Its Consequence on the Altcoin Market

We have seen a significant pullback from BTC. It is not a surprise; we anticipated it as was rejected by the upper resistance and dropped to its first support.

But are there any reasons why this is happening? Here are some catalysts for this pullback to help us understand its fundamentals:

- We were rejected four times by the 71k resistance, so had to dump a bit to gain more liquidity to surpass this stage. This is what it is doing by reaching the bottom at the support levels.

- The weekly MACD turned bearish. The ETF created massive hype, pushing into the overbought territory. The MACD signals crossed bearish, and now we are heading down, which is pushing the price of lower.

- The traditional markets are bullish. , for the reasons mentioned above, is bearish. Consequently, smart money and big whales are moving their funds out of crypto to ride the wave in markets like the S&P 500.

- The ETF has a negative impact on BTC. Since ETF issuers are not going to increase their crypto percentage in their clients' portfolios, space needs to be created to include the incoming ETF and diversify the crypto holdings. That means at least 10% of the ETF has to be sold, which amounts to a whopping 400M worth of BTC.

Altogether, these factors are creating the selling pressure we are witnessing.

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So we have a bpunce, there is a high probability that we get a bounce in the coming days to 68k or 69.5k
Pay attention to these levels, because we will be probably rejected down to 64k and even more to 61k when this happen. Place your stop loss accordinaly and watch out these levels

Note

If we break down under 63k, we are going to have a much severe correction...this is the idea about this bearish scenario:

Is Bitcoin ($BTC) heading toward a -50% correction Armageddon?

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The correction is over. This idea is still valid even if the triangle shape has changed.

After the correction, all the indicators are turning bullish in the near future. On the 1D chart, the MACD is bottoming out and we have an impending signal cross. The RSI is in oversold territory, and the volume is growing.

is somewhat "protected" by buyers, and the heavy sell-off is finding support. I think we might stabilize for the next month, moving toward the top of the triangle.

Here is an updated chart taking into account everything I have mentioned.

CryptoNikkoid

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