Having followed the long awaited breakdown from the gigantic descending triangle, we have found support around the 3500 level multiple times on smaller time frames. While i believe this level can be broken, it wont be without some relief from all the downside.
Currently btcusd is in ascending triangle on the 4hr and daily charts. A breakout above 4350 should see us peaking at 5k as our price target from the triangle before the slow accumulation downtrend.
We have initiated the final phase of this bear market and have now entered the accumulation zone. Sadly this zone may take up to a year before the start of the bull run, like we saw in 2014. The longer the bear takes to drag us out of the woods, the greater the upswing when we finally breakout
Short term: bullish
Mid term: bearish
Long term: bullish
Currently btcusd is in ascending triangle on the 4hr and daily charts. A breakout above 4350 should see us peaking at 5k as our price target from the triangle before the slow accumulation downtrend.
We have initiated the final phase of this bear market and have now entered the accumulation zone. Sadly this zone may take up to a year before the start of the bull run, like we saw in 2014. The longer the bear takes to drag us out of the woods, the greater the upswing when we finally breakout
Short term: bullish
Mid term: bearish
Long term: bullish