First things first, I know that I'm far from being a trading expert, more like a beginner. But well, today I looked into some TOP analyses on BTCUSD and there I saw some super weird trendlines, even my amateur lines might be better. So here it goes.
As you can see there's a huge descending triangle forming since the high from 20th January and two more highs following that up on 5th March and 5th May. Right now we are testing the upper line again, so there is potential for BTCUSD to break through and really start a bull rally. However, I highly doubt we are gonna see that breakthrough. Both the descending trendline and a strong resistance level around 7700 - 7800 are currently converging. Right above that at 7850 we can see the 1200 EMA (200 EMA on daily) making this resistance even stronger. Historically the 1200 EMA has shown to act as a critical support or resistance level for BTCUSD multiple times.
My prediction is that we will see BTCUSD continue inside the triangle until beginning of September. As 5700 - 5800 has shown to be a strong support level, I think we will bounce upwards one more time. However, after that BTCUSD will most likely break the bottom of the triangle and start a significant bear rally. I would like to give you a target for that, but unfortunately that's beyond my trading knowledge, so perhaps you better figure that target out yourself.
Disclaimer: This analysis is only for educational purposes and NOT a trading recommendation. I am only a beginner in trading, never even traded myself and what you read in this analysis could be utter rubbish.
As you can see there's a huge descending triangle forming since the high from 20th January and two more highs following that up on 5th March and 5th May. Right now we are testing the upper line again, so there is potential for BTCUSD to break through and really start a bull rally. However, I highly doubt we are gonna see that breakthrough. Both the descending trendline and a strong resistance level around 7700 - 7800 are currently converging. Right above that at 7850 we can see the 1200 EMA (200 EMA on daily) making this resistance even stronger. Historically the 1200 EMA has shown to act as a critical support or resistance level for BTCUSD multiple times.
My prediction is that we will see BTCUSD continue inside the triangle until beginning of September. As 5700 - 5800 has shown to be a strong support level, I think we will bounce upwards one more time. However, after that BTCUSD will most likely break the bottom of the triangle and start a significant bear rally. I would like to give you a target for that, but unfortunately that's beyond my trading knowledge, so perhaps you better figure that target out yourself.
Disclaimer: This analysis is only for educational purposes and NOT a trading recommendation. I am only a beginner in trading, never even traded myself and what you read in this analysis could be utter rubbish.
Comment:
Seems like my assumption has proven to be wrong. BTCUSD has broken the strong resistance level and could now be starting a bull rally. I see the next potential resistance levels at around 8900 - 9100 from several previous highs as well as the Fibonacci 1.618 retracement or at 10000 from the high at 5th March.