BTC Update — Breakout of Descending Triangle to the Upside
UPDATE ON BTC 4/22
Hi all — here's what I see.
BTC has broken out to the upside of a large timeframe descending triangle.
It began forming this descending triangle coming previously from an uptrend.
Technicals
- Due to the breakout we may see continuation of the previous long-term trend (UP)
- Daily RSI is sitting comfortably in a bullish range
- Clear higher low established on 4/17
Fundamental notes
- Consensus coming in around a month
- Google search trends remain unchanged — we haven't even begun the hype cycle
Conclusion
I want to monitor the price action as BTC continues to climb towards the previously established supply zone. Until BTC makes a new local low or high, we could be seeing a range bound environment for this market. I wouldn't open or close trades right now — we're in no man's land between a strong demand zone and a strong supply zone. Health of this market appears to be essential to the fantastic gains we've been seeing in the alt market, so I'll be monitoring this chart closely in the coming weeks.
Hi all — here's what I see.
BTC has broken out to the upside of a large timeframe descending triangle.
It began forming this descending triangle coming previously from an uptrend.
Technicals
- Due to the breakout we may see continuation of the previous long-term trend (UP)
- Daily RSI is sitting comfortably in a bullish range
- Clear higher low established on 4/17
Fundamental notes
- Consensus coming in around a month
- Google search trends remain unchanged — we haven't even begun the hype cycle
Conclusion
I want to monitor the price action as BTC continues to climb towards the previously established supply zone. Until BTC makes a new local low or high, we could be seeing a range bound environment for this market. I wouldn't open or close trades right now — we're in no man's land between a strong demand zone and a strong supply zone. Health of this market appears to be essential to the fantastic gains we've been seeing in the alt market, so I'll be monitoring this chart closely in the coming weeks.
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Not ideal. Bearish divergence that coincides with a second test of the Bollinger Band's lower channel. Could see us retesting the top of the downtrend resistance-turned-support line around $7900-8500
Not ideal. Bearish divergence that coincides with a second test of the Bollinger Band's lower channel. Could see us retesting the top of the downtrend resistance-turned-support line around $7900-8500
Price consolidating in an ascending triangle