One possible scenario to consider... before new ATH

BITSTAMP:BTCUSD   Bitcoin / U.S. Dollar
Though perhaps not typical of BTC's history, it is worth taking a moment to consider if we are in fact in a long term symmetrical triangle. The declining volume over the past two years and downward momentum on the Stochastic RSI would certainly lend some support to the prospect.

If this is the case, the next move down would put us into contact with the support line at approximately $5000... which just happens to also be almost the exact level as the crucial weekly 200 Moving Average that saved BTC at the start of 2019. Technical Analysis may only provide a hint of what is coming, but when multiple powerful factors converge it certainly increases the likelihood. In the unlikely even that the Weekly 200MA failed to hold, we could then look to the monthly 50MA for support around $3000, before a quick snap back up.

Regardless, this is ultimately a bullish outlook, as I would consider these all stepping stones on the way to a new all time high following the 2020 halving.

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Comment: The journey to $5k (or at least $6k) continues...


Probably the only thing that makes sense so far.
+1 Reply
@ovac4u, Thank you. Although I cannot completely remove the human emotional element, I'm pretty cold when I look at BTC. Too many people seem to have a huge bullish bias... that Bitcoin just HAS to go up out of every chart formation. Of course if we do bounce of $5000 it would be an incredible long opportunity. And on the way many (useless) alts will die - something we have needed for a long long time.
@ovac4u, So far it's all playing out a little too predictably perhaps...