Hello fellow traders,
I thought I'd post my idea on where we can see Bitcoin go next on the smaller timeframes. Looking at the 4h timeframe, Bitcoin seems to be in a descending triangle of sorts. One that expands down towards around $3000. I believe that should the upper resistance hold we could see the price drop towards $3000 possibly in the next few days.
As is the case with a descending triangle, it can be seen as a bullish signal and should price succeed in breaching the resistance trendline we could see the price move back up towards $4500, possibly even higher towards the black dotted line which represents the strong resistance we've been unable to breach since Bitcoin began its decline.
Another scenario which I believe is possible is that the price moves up to $4500 where it will not only move approx. the distance of the triangle but then it could also form a double top. Should this be the case, and the price breaks down towards the then neckline at $3000, we could be in for a drop towards $1200-$1500 which many believe could be the turning point for the cryptocurrency.
As always, comments and ideas are welcome and none of the mentioned above can be seen as investment advice.
I thought I'd post my idea on where we can see Bitcoin go next on the smaller timeframes. Looking at the 4h timeframe, Bitcoin seems to be in a descending triangle of sorts. One that expands down towards around $3000. I believe that should the upper resistance hold we could see the price drop towards $3000 possibly in the next few days.
As is the case with a descending triangle, it can be seen as a bullish signal and should price succeed in breaching the resistance trendline we could see the price move back up towards $4500, possibly even higher towards the black dotted line which represents the strong resistance we've been unable to breach since Bitcoin began its decline.
Another scenario which I believe is possible is that the price moves up to $4500 where it will not only move approx. the distance of the triangle but then it could also form a double top. Should this be the case, and the price breaks down towards the then neckline at $3000, we could be in for a drop towards $1200-$1500 which many believe could be the turning point for the cryptocurrency.
As always, comments and ideas are welcome and none of the mentioned above can be seen as investment advice.