Bitcoin Tightens! Short Term Price Analysis
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Bitcoin Has Been Slow At Best Recently, Traders Have Been Ignoring Bitcoin & Looking To The Alts & Other Markets For Better Trades.
The Market Is Still In The Process Of Discovering If The Recent Low of 7k Is Going To Hold & Trying To Decide If This Potential Reversal Is Sustainable.
BTC Has Struggled To Break The Resistance Zone Outline, But Has Made A Series Of Higher Lows, This Pattern Is Bullish & Is Known As The Ascending Triangle, However There Are More Bearish Patterns Forming On The Longer Time Frames, Making Me Neutral For Now.
BTC Has To Decide What Way It Wants To Go Very Soon As It Draws Closer To The End Of The Triangle, A Break Up Should See Us Reach The Target Zone Fairly Quickly, But A Break Down Would Put BTC In A Must Hold Zone Highlighted In Grey, A Break Below This Area Would Signal A Trend Reversal & Likley To Retest The Lows In The Low 7k Area.
Im Not Trading BTC Right Now, But Using It As An Indicator To Help Pick My Entry's on The Alts, All Trades Are Very Short Term & Im Quick To Take Profits At This Point, Until We See Conformation That A Trend Is Established.
Follow For Updates
This Is Not Financial Advice
The Market Is Still In The Process Of Discovering If The Recent Low of 7k Is Going To Hold & Trying To Decide If This Potential Reversal Is Sustainable.
BTC Has Struggled To Break The Resistance Zone Outline, But Has Made A Series Of Higher Lows, This Pattern Is Bullish & Is Known As The Ascending Triangle, However There Are More Bearish Patterns Forming On The Longer Time Frames, Making Me Neutral For Now.
BTC Has To Decide What Way It Wants To Go Very Soon As It Draws Closer To The End Of The Triangle, A Break Up Should See Us Reach The Target Zone Fairly Quickly, But A Break Down Would Put BTC In A Must Hold Zone Highlighted In Grey, A Break Below This Area Would Signal A Trend Reversal & Likley To Retest The Lows In The Low 7k Area.
Im Not Trading BTC Right Now, But Using It As An Indicator To Help Pick My Entry's on The Alts, All Trades Are Very Short Term & Im Quick To Take Profits At This Point, Until We See Conformation That A Trend Is Established.
Follow For Updates
This Is Not Financial Advice
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Keeping It Simple, Two Key Support Areas To Watch.
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