A monumental move could happen at any time in these upcoming weeks. In this weekly chart of
BTCUSD
, the historic triangle or the apex dating back from 2013 is nearing an end. This upcoming month should be a decisive point for the coin, and we should be mindful of it.
From a technical analysis perspective, the triangle consists of a nearly two-year-old resistance and a decade-long support line. Recently, we saw the Bitcoin price stabilization between the 26 to 28k range because of that very strong trendline.
Within the apex from approximately the 1st to 2nd week of November, we should expect outcomes by looking at it in the big picture. We're nearing the end of it, and let's keep in mind, it's a matter of time and patience.
I'm considering bullishness considering the historical monthly return data, the -ber month of October to December is great for Bitcoin, so I'll keep it as that. It is an exciting time for us traders because it's a long time coming for many, and we expect a massive price movement.
What would be the next move? Since I'm bull-biased for upcoming weeks, I will wait for the breakout of the triangle, and then the $29,000 resistance line before entering a possible position entry. If a breakdown happens, short upon confirmation and possibly take profit using fib line areas.
I would like to know your opinion since you reached the end, which trendline should break? The young or the old? Let me know in the comments below. As always, plan your trades as this is a potential long-term movement moving forward, happy trading and in advance, happy holidays :)
BTCUSD
, the historic triangle or the apex dating back from 2013 is nearing an end. This upcoming month should be a decisive point for the coin, and we should be mindful of it. From a technical analysis perspective, the triangle consists of a nearly two-year-old resistance and a decade-long support line. Recently, we saw the Bitcoin price stabilization between the 26 to 28k range because of that very strong trendline.
Within the apex from approximately the 1st to 2nd week of November, we should expect outcomes by looking at it in the big picture. We're nearing the end of it, and let's keep in mind, it's a matter of time and patience.
I'm considering bullishness considering the historical monthly return data, the -ber month of October to December is great for Bitcoin, so I'll keep it as that. It is an exciting time for us traders because it's a long time coming for many, and we expect a massive price movement.
What would be the next move? Since I'm bull-biased for upcoming weeks, I will wait for the breakout of the triangle, and then the $29,000 resistance line before entering a possible position entry. If a breakdown happens, short upon confirmation and possibly take profit using fib line areas.
I would like to know your opinion since you reached the end, which trendline should break? The young or the old? Let me know in the comments below. As always, plan your trades as this is a potential long-term movement moving forward, happy trading and in advance, happy holidays :)
