Hello to my fellow traders,
I thought that I'd like to share my take on where we find ourselves with Bitcoin currently. I've read a lot of ideas and opinions where some say we're going up and other see a drop incoming. My personal opinion is that in the short term, anything can happen. We could break to the upside and test the overhead resistance of the triangle around $11600 and drop again from there. However, I think what could be more likely is a short term drop as price action finds itself in a downward channel currently, sitting on resistance.
Volume is still declining from the ATH which suggests that we could still see some bouncing around in this triangle till around mid 2020 as we navigate through this pattern. A possible bottom for the triangle could be around $5000-$5500, depending on how fast we get there.
Now, for the part we're all waiting for...I suspect that once Bitcoin clears this current pattern and breaks to the upside, our next ATH target would be in the range of $27k.
Happy trading :)
I thought that I'd like to share my take on where we find ourselves with Bitcoin currently. I've read a lot of ideas and opinions where some say we're going up and other see a drop incoming. My personal opinion is that in the short term, anything can happen. We could break to the upside and test the overhead resistance of the triangle around $11600 and drop again from there. However, I think what could be more likely is a short term drop as price action finds itself in a downward channel currently, sitting on resistance.
Volume is still declining from the ATH which suggests that we could still see some bouncing around in this triangle till around mid 2020 as we navigate through this pattern. A possible bottom for the triangle could be around $5000-$5500, depending on how fast we get there.
Now, for the part we're all waiting for...I suspect that once Bitcoin clears this current pattern and breaks to the upside, our next ATH target would be in the range of $27k.
Happy trading :)