m44kka

BTC - Consolidation after Death cross

BITSTAMP:BTCUSD   Bitcoin
Okay, I believe that the death cross will have very little influence on the local bottom of BTC price as I think it's already been factored for. An interesting pattern i can see forming is an ascending triangle pattern with the Gann line as support and the red zone as resistance (area between the 55 and 200 EMA) . I believe once BTC is able to break past this level of resistance and then retest as support at least twice is confirmation of up trend and bull run. The gap is narrowing and this consolidation may last another month or so, but eventually a move will be made to the upside or down.

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