Three Possible BTC Price Move Scenarios

17 янв. 2021 г.

Hello, dear subscriber!
Let's consider possible scenarios for the BTC price action.

Now we can see that the triangle formation is almost completed. It means that the big move for Bitcoin is upcoming.

The most positive scenario 1 (green arrow) implies that the price will break through the triangle's upper line at the first significant point on the chart at $38400. This is indefinite area and we are going to close long position here. If the price is able clearly break through this level we can see the price growth to ATH ($42000). According to triangle pattern theory the maximum growth can be up to the $50000, but there will be difficulties to close above the ATH.

Scenario 2 (blue arrow). Triangle patterns rarely end before the complete formation. As a result, after reaching the $38400 (upper line of triangle) we can see a pullback to the lower band.

Scenario 3 (red arrow). What can be if the price is able to break down the triangle? The triangle's lower band coincides with the global uptrend support line. If the price break this level down it is the bearish sign, we can see the $30000 level of significant support. The maximun decline can be equal the triangle's height which corresponds to $22000.

Another one important thing is that the Bitcoin dominance is increasing now after last week decline. It means that the money is accumulated in BTC now, which can be the significant evidence for the future price pump.

DISCLAMER: Information is provided only for educational purposes. Do your own study before taking any actions or decisions.

18 янв. 2021 г.

Заметка

The price move to the big symmetric triangle's upper band is not so fast as we thought. We can see that the price formed another one smaller descending triangle.
It was broken through by the price, as a result we have a very significant bullish sign. The potential target corresponds to the ATH level ($41700) which is the distance vith the value of the small triangle's height up from the breakout point.
Now we are waiting for the moment when the price will reach the big symmetric triangle's upper band ($38200). At this point we can see the pullback to it's lower band.

19 янв. 2021 г.

Заметка

The price growth was not so rapid again. The price consolidated and formed a new little ascending triangle pattern. Now it is trying to break through this triangle. If it is able to do it next 2 hours we can see the breakout of the big symmetric triangle at approximately $38000.

19 янв. 2021 г.

Заметка

The ascending triangle is not actually the triangle. Now we can define it as a rising narrowing wedge, which is a bearish sign.
Looking at global analysis we should remenber about the big symmetric triangle. The wick of one candle touched it's upper band and went down. Now the price broke down the wedge and is going to retest the lower band approximately at $35500 level. Until the price is not able to break down the big triangle's lower band we have a chance to continue bullish rally. There is a high probability that the price retest the lower band of triangle and bounce off it to the upper line again. We should see a clear triangle's breakout to define the opportunity of the bullish rally continuation.