Here is a quick analysis on BTC
In my last update, i actually pointed out with reasons i believe Bitcoin may have hit bottom, and a new market structure may as well be forming after breaking out of the descending triangle on a sideways move.
Looking at the daily chart on a log scale as many have pointed out in my last update, its clear that we are still withing the descending triangle which still pose a bearish outlook for Bitcoin.
However, judging from the series of higher low formation from the $5800 bottom in the last 4-5 months, i believe the part of least resistance is to the upside as Bitcoin has a higher probability of breaking out positively.
All things being equal, so long as Bitcoin continue to hold the uptrend line support, a breakout of the descending triangle will ultimately put Bitcoin in a bullish ascending triangle formation, and a breakout of this bullish formation should occur by Dec.
My reasons for being so bullish on Bitcoin remains the same as with my last update, and i continue to maintain $8400-$9500 year end price target for Bitcoin.
On the flip side however, i also continue to maintain my stand point that a break below the yearly low of $5800 will send Bitcoins price to a new crypto abyss, and i would not want to imagine the extent of this fall looking at the current bearish sentiments across the crypto space.
In my last update, i actually pointed out with reasons i believe Bitcoin may have hit bottom, and a new market structure may as well be forming after breaking out of the descending triangle on a sideways move.
Looking at the daily chart on a log scale as many have pointed out in my last update, its clear that we are still withing the descending triangle which still pose a bearish outlook for Bitcoin.
However, judging from the series of higher low formation from the $5800 bottom in the last 4-5 months, i believe the part of least resistance is to the upside as Bitcoin has a higher probability of breaking out positively.
All things being equal, so long as Bitcoin continue to hold the uptrend line support, a breakout of the descending triangle will ultimately put Bitcoin in a bullish ascending triangle formation, and a breakout of this bullish formation should occur by Dec.
My reasons for being so bullish on Bitcoin remains the same as with my last update, and i continue to maintain $8400-$9500 year end price target for Bitcoin.
On the flip side however, i also continue to maintain my stand point that a break below the yearly low of $5800 will send Bitcoins price to a new crypto abyss, and i would not want to imagine the extent of this fall looking at the current bearish sentiments across the crypto space.