BTCUSD What will happen next ?A whale purse sold 10.000 BTC yesterday and the price fell dramatically. You can track his activity here:
bitinfocharts.com
However it was expected that something would happen as soon as Bollinger Bands contracted close to each other. We faced with a dump. The price managed to consolidate a little below Fib 0.786 support level and now it is resistance.
Probably it is the most important week in the BTC history as it is going to break the Triangle which was formed due to the largest crypto market crisis.
If BTC price breaks the Triangle down for a very long time we will have BTC price around $5000
If BTC price breaks the Triangle upward it will quickly recovers to the previous heights.
We think it will manage to go upward from the Triangle and there are several reasons for this:
1. Bullish XABCD pattern has just been formed
2. Stoch RSI and MACD confirms possibilities of growth
3. From the yesterday's dump price consolidated and is growing slowly
However there are still some threats:
1. The price is at the edge of the lower Bollinger line. If it breaks down of it then the trend will be descending again.
2. Red line of ichi cloud is above green line which means there is a strong resistance
3. The price is below Fib 0.786 resistance level
Conclusion:
If the price manages to break Fib 0.786 resistance level which is around $8350 then we will have ascending movement. Combining it with the Bollinger bands indicator means that the price will move from the lower edge to the upper edge of the channel, hence it will head to $11900. This will break the Triangle upward and bring a new wave of growth.
