jpktraders
Long

BTCUSD - key triangle

BITFINEX:BTCUSD   Bitcoin / U.S. Dollar
Capitalization of the cryptocurrency market increased over the week from 199 billion USD to nearly 234 billion USD. Bitcoin dominance increased from 51.5% to 55.7%. Over the last 24 hours BTC rises 0.5%. Bitcoin Cash drops almost 10.5%

Looking at the chart from the D1 interval, you can see that the BTC quotes are consolidating in the 8000 area and the place where the impulse ended since the hard fork. Our long-term goal stays unchanged - 8200 USD. Although it is clear that the Bitcoin price will exceed $ 8200 by the end of the year.

Based on the external measurement of the correction, which began immediately after the information that SegWit2x was canceled, our target for the end of the year is 9500 USD.

Going down the lower interval, you can see how the triangle formed. After leaving it we will be able to use one of our two scenarios. In case of breaking it from the bottom a good place to buy is 7000 USD, especially since the place has not been tested yet.

In the case of going up the buy level we have set to the place where the price will test 7775 USD. If the break will be very fast and we break the level of 8200 USD, then its test from the top will also be a good place to buy. It is therefore important to observe and react to the price behavior. When it turns out that we will hit the top on a large volume immediately, then the current long-term target is set at a price of 10450 USD - the range of formation.
Trade active: Scenario at 7775$ has fulfilled
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