Lots of ups and downs lately on Bitcoin, mostly due to huge volumes of BTC sold on the market making the price crash.
If we watch the big picture we're still in a bear channel but the prices are creating a triangle formation.
Triangles are known for being a continuation pattern so, if the figure completes without breaking up, BTC should continue in an ascent.
A level to watch should be the lower side of the triangle, forming a support zone at arounf 5900$.
If such a level is broken we're headed down. Otherwise there are some probabilities of seeing new all time highs since the TP of a breakout coming from a descending triangle should take us above 20k.
What's happening in the world is, for sure, an incentive for cryptocurrency supporters. Trade wars, USD depreciation, tarrifs and so on are mining the overall economic and monetary stability. This could help BTC rise. At the same time regulators are working hard trying to regulate this mess. Not only with respect to tax but also related to exchanges, the role of banks in being intermediaries and much more.
It's an ever ending process that makes this market even less predictable.
As usual, merely my idea and this analysis does not constitute a trading advice.
If we watch the big picture we're still in a bear channel but the prices are creating a triangle formation.
Triangles are known for being a continuation pattern so, if the figure completes without breaking up, BTC should continue in an ascent.
A level to watch should be the lower side of the triangle, forming a support zone at arounf 5900$.
If such a level is broken we're headed down. Otherwise there are some probabilities of seeing new all time highs since the TP of a breakout coming from a descending triangle should take us above 20k.
What's happening in the world is, for sure, an incentive for cryptocurrency supporters. Trade wars, USD depreciation, tarrifs and so on are mining the overall economic and monetary stability. This could help BTC rise. At the same time regulators are working hard trying to regulate this mess. Not only with respect to tax but also related to exchanges, the role of banks in being intermediaries and much more.
It's an ever ending process that makes this market even less predictable.
As usual, merely my idea and this analysis does not constitute a trading advice.
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