HEres my general view of the world
BTC is consolodating.
Large trend suggests we should remain bullish but there are definately bearish bias in the consolodaiton
We are making lowere lows but failing to make higher highs within a bearish medium term trend so the consolodation technically is bearish.
A breakdown of the symmetrical triangle would see a target of as low as $1k although i dont think we would go that low.
Break up should see testing all previous highs.
Right now we are looking like we will retest the support zone of the lower end of the triangle - 7.8k - 7.5k which is also where the falling wedge will complete
I expect a final bounce in the triangle to 8.8k - 9k which will 'decide' what happens following that.
I.e. i wouldnt panic if youre long just yet and are underwater we are looking at a falling wedge at the moment - you may be able to sell the bounce and then see.
All the best.
filbfilb
BTC is consolodating.
Large trend suggests we should remain bullish but there are definately bearish bias in the consolodaiton
We are making lowere lows but failing to make higher highs within a bearish medium term trend so the consolodation technically is bearish.
A breakdown of the symmetrical triangle would see a target of as low as $1k although i dont think we would go that low.
Break up should see testing all previous highs.
Right now we are looking like we will retest the support zone of the lower end of the triangle - 7.8k - 7.5k which is also where the falling wedge will complete
I expect a final bounce in the triangle to 8.8k - 9k which will 'decide' what happens following that.
I.e. i wouldnt panic if youre long just yet and are underwater we are looking at a falling wedge at the moment - you may be able to sell the bounce and then see.
All the best.
filbfilb
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