Almost 3 weeks since the last post, Bitcoin price remain around the mid-range at sub $16k since a major rejection at $18k level. No rally, no swing lows but went below $16.8k as expected then move sideways for weeks testing an immediate resistance at $16.9k which is an important key level in my opinion (price and time wise) considering it's a final week to cycle lows.
So let's surf the chart and dive deeper…
BTC price price held strongly at $16.2k level as shown in the chart forming a Symmetrical Triangle with an upthrust (circle) . As we can see, BTC price is creeping slowly at the apex of the triangle and just tag EMA 34 ( yellow line) near the upper trendline (white arrow). It is also the confluence area of EMA 8 and MA 50. Capturing these levels or closing above EMA 34, around $17k means it will break out from the upper trendline of the triangle pattern which can send the price back to $18k. This is bullish in the near term.
Still, $18k is the sweet spot to be bullish in the medium term.
On the negative side, if the price will be rejected in the immediate resistance and did not break out, then in the coming days, expect a test on the lower trendline at $16.3k or if it goes below, take note of the stop loss below this level and watch the price for a fake out as shown in the chart (yellow circle). Also note the volume which usually increases with reversal in price. For now, price is tight here and expect volatility.
Thank you for reading and appreciating the comments, supporting ideas as well as contradicting ideas.
Surfin ends ..
So let's surf the chart and dive deeper…
BTC price price held strongly at $16.2k level as shown in the chart forming a Symmetrical Triangle with an upthrust (circle) . As we can see, BTC price is creeping slowly at the apex of the triangle and just tag EMA 34 ( yellow line) near the upper trendline (white arrow). It is also the confluence area of EMA 8 and MA 50. Capturing these levels or closing above EMA 34, around $17k means it will break out from the upper trendline of the triangle pattern which can send the price back to $18k. This is bullish in the near term.
Still, $18k is the sweet spot to be bullish in the medium term.
On the negative side, if the price will be rejected in the immediate resistance and did not break out, then in the coming days, expect a test on the lower trendline at $16.3k or if it goes below, take note of the stop loss below this level and watch the price for a fake out as shown in the chart (yellow circle). Also note the volume which usually increases with reversal in price. For now, price is tight here and expect volatility.
Thank you for reading and appreciating the comments, supporting ideas as well as contradicting ideas.
Surfin ends ..
Comment:
Sorry for the uploaded chart... Publish another chart for this on related ideas below.:)
