Cheer up bulls! BTC All Time High to be Tested Very Soon!!!

Hi guys,

Hold your breath! Presenting you something stunning that can blow your your minds in days of blood and pain and bring some cheer on your faces.

What is that?

Look at this chart. Bitcoin is trading with two massive descending triangles.

First let me explain what a descending triangle means.

The descending triangle is a bearish formation that usually forms during a downtrend as a continuation pattern. This also means if it is formed during an uptrend it should be considered as bullish continuation pattern.

Some Descending Triangles Are Powerfully Bullish!

Now look at the chart again.

Both massive descending triangles (yellow and purple) are formed during an uptrend that started in late 2015.

What if it works out this way and we see a breakout on upside?

A strong breakout from yellow descending triangle can push $BTC towards testing ATH ie. target should be + $14000 from the breakout point. That means if breakout point is $7000 target price would be $7000 + $14000 = $21000 ATH.

What if $BTC doesn't breakout of yellow descending triangle ?

If $BTC doesn't breakout of yellow descending triangle and doesn't breakdown below green horizontal line and in fact keep going sideways then purple descending triangle comes into play.

Breakout target from purple triangle would be at least + $7000 from the breakout point. That means if breakout point is $6000 target price would be $6000 + $7000 = $13000. Breaching that area means new ATH would be within grasp!

Cheer up, be happy! This is one of the possibility out of many possible outcomes we may see in coming weeks/months.

Please provide your feedback and comments.

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Regards,
🆃🅴🅲🅷🅸🆂🅷

Comment:

Even though $BTC dropped below green support line but it managed to close above it. So this chart should still be considered intact :)

Comment:

This chart was more for fun than anything else, but that horizontal green line is acting as strong support. $BTC managed to close above it every time it dropped below and still trading above. We may be up for a surprise rally, who knows!

Trade active:

I have added 4 dotted horizontal lines in red color to represent resistance and added another descending blue line to form one more descending triangle.

Bitcoin has clearly marched past first resistance R1 at around $6400 which is now acting as strong support.

R2 at around $6750 is proving to be a monstrous resistance. I'm expecting Bitcoin to break this resistance soon and next target would be R3 around $7100 if Bitcoin is able to clear $7000 a psychological resistance.

Here's a zoomed view of the chart

Trade active:

Triangles still in play, $BTC back at attacking Resistance #2

Trade active:

After breaking out of iH&S pattern $BTC blasted through Resistance #2 and Resistance #3 and closed above Resistance #3. Now Bitcoin is fast approaching Resistance #4.