The big picture of BitcoinSince the beginning of this analysis, I have focused on the contents of the triangle pattern
but what happens if this pattern breaks out?
Where is the target?
On this occasion I will illustrate using a daily timeframe.
In this analysis, I deliberately started from major support.
This support is the strongest support for BTC, and if this triangle pattern breaks down,
then the worst scenario, bearish target will be to touch major support around the level of $49,555
or approximately a 25% drop from pattern support.
However, to achieve this figure,
BTC must successfully break down the bearish confirmation point level 64,756 with 1 full candle on the 4 hour timeframe
and if that happens, then cases of drops before the halving will probably be repeated like my previous analysis.
you can open it here
For the bullish scenario, if this pattern breaks up, it will take 1 candle at 4 hour time frame to come out completely (full body candle) above $71,454
and when that happens, party to all. Not just bullish on BTC, but on all cryptocurrencies, and BTC will rise 25% from pattern resistance to $86,913.
Do you expect it to fall to $49,555 first
or straight up to $86,913
Please comment, if there is a supporting chart, feel free to post it here.
Thank You
