BTC possible moves

30 авг. 2018 г.

This is the current price situation of BTC, if you notice there is a double bottom pattern forming on the weekly chart, but there is a resistence zone as well so at this point there might be 2 major scenarios:

Scenario 1 (Green): The price breaks the resistence zone and keeps the bull run so it means that the double bottom pattern is confirmed and it migt land around 11300 and 11900 price. On this same scenario it might happen that the price after breaking it goes down to re-test the zone which will be now a support zone and then keeps the bull run.

Scenario 2 (Red): The price gets rejected at the resistence zone and moves inside the descending triangle. At that point 2 things might happen: a. the price explodes up, b. the price explodes down so it breaks the support zone and hit around 3600-2600 price.


So at this moment it's all about waiting and see which zone it's going to break. In my personal opinion the price will keep going up because there is a bullish hammer on the monthly chart and the fundamentals are in favor of the bitcoin right now.