Bitcoin triangle analysis - what now?
We've just seen an explosive move to the upside yesterday, is this the end of pain for Bitcoin? There are a few possibilities right now..
A breakout of the triangle, then retest of the of the trendline and a move higher from there. This is my least preferred option as I believe this would mean going up to only 41k and then bouncing about for a longer period of time.
We might simply bounce off the top triangle trendline and go back to the support zones, eventually testing the 25k.
Alternatively, we might see a fake out from the triangle that will hit strong resistance at 36.5k, then taking us lower to the highly anticipated target of 25k.
In any case, I strongly believe that without testing 25k we will not be able to get new ATH, not to mention breaking above 130k.
A breakout of the triangle, then retest of the of the trendline and a move higher from there. This is my least preferred option as I believe this would mean going up to only 41k and then bouncing about for a longer period of time.
We might simply bounce off the top triangle trendline and go back to the support zones, eventually testing the 25k.
Alternatively, we might see a fake out from the triangle that will hit strong resistance at 36.5k, then taking us lower to the highly anticipated target of 25k.
In any case, I strongly believe that without testing 25k we will not be able to get new ATH, not to mention breaking above 130k.