BTC Triangle in LogLooking at the current BTC downward market structure in log, here are some observations.
Purple fan lines extend from last year March low. The white channel fits perfectly between the two most outreached tops, and 4 bottom major wicks down since April. Most recent local wick down landed on the bottom of the triangle (log) and local structure .618. Major trend lines were bisected forming several potential triangle phases. Local fib time seems to hit on or near major moves, 8 looks to line up with the next potential triangle phase end.
When will it break, and which direction?
Imo, it will have to go down below $29K, before it continues back into a bull market structure. If it breaks upward, this may be a fakeout, acting as a UT or UTAD. Watch for another crash down, acting as a redistribution phase.
Some levels to look for on a break up, before another major turn down redistribution scenario:
CME gap needs closing around 49100.
Any of the major top yellow triangle phases trendlines as resistance.
$50K (psychological)
If it breaks downward below $29K first, this would look like an overall bullish move imo, taking out some lower levels, before springing upwards acting as an accumulation phase.
