We're at the end of a symmetrical triangle that has seemed ready to break up a couple times. Uncertainty in current events has kept it down while allowing time to finish the base of a big W pattern. Now oil prices have dropped and there is a some hopeful news in the crypto regulation area in the US. Some kind of action needs to happen and as you can see with the red/green BTC shorts and longs indicator in the RSI pane, the longs have been building steadily while the shorts are down. It appears that market sentiment is bullish.
If it does break up as I expect, I think it'll pump up to around the yearly pivot point of $47581. That is also around the top of the rising green channel. This is about the time I had expected a sharp rise based on my previous analysis of last year's post-Mercury retrograde period.
If it does break up as I expect, I think it'll pump up to around the yearly pivot point of $47581. That is also around the top of the rising green channel. This is about the time I had expected a sharp rise based on my previous analysis of last year's post-Mercury retrograde period.
Comment:
After failing to breakout of the triangle, I believe we're entering at least a week or so of downtrend.
