Bitcoin has entered roughly, like a 12-day holding pattern. It has not broken its last swing high (10,939.14) for over a week. Nor has it moved down to the last swing low 9321.73 for over 2 weeks now, (not that we desire a lower Bitcoin.) According to our charts, we’ve seen increasing low trade volume since Week 33. Bitcoin closed down -1.33% and -0.93% the week prior. We are waiting for some momentum before we see a rally higher in price.
With low volume, the price can be influenced more easily with some significant trade size. We may see this catalyst, or positive Bitcoin news rally price out of the extended correction into the next bullish run that we are expecting from the pattern. We could see price bounce off support between $9,500 to $10,100.
THE PLAY: Buy opportunity upon breakout and close of the upward Daily Symmetrical Triangle top
With low volume, the price can be influenced more easily with some significant trade size. We may see this catalyst, or positive Bitcoin news rally price out of the extended correction into the next bullish run that we are expecting from the pattern. We could see price bounce off support between $9,500 to $10,100.
THE PLAY: Buy opportunity upon breakout and close of the upward Daily Symmetrical Triangle top