BTC in front of a decisive move! #btc #btcusd #trade #trend
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Hello crypto traders it's time for cryptohora's view of trading.
As we can see on the chart btc price is into a descending triangle, Both from 30th of May and even more clearly since 3rd of June. Let's see what are the key points of this timeframe. If we take a closer look from May 30th to June 3rd price was at the same time inside the ascending wedge where after June 3rd brokedown clearly and it's moving inside the descending triangle alone.
Inside this triangle the messages from btc price are a bit confused. Although at first it looked like a clearly bearish descending triangle where the price tested 2 times and almost 3rd and 4th the lower line of the triangle, at the latest days it seems that btc gains a bit of momentum. Result of this momentum was the price to test the upper line of the descending triangle once at June 12th. Although it seems it is retesting it now or not price haven't moved away from it but instead it keeps close distance to the upperline, showing us that there is a potential retest and breakthrough of the upper line.
Now we are on the verge of a decisive move either for a breakthrough or a breakdown as we move towards the triangle pick, crossing 60% of triangles length. The move can be anywhere between 60% - 80% of triangles length.(until 15-16th June). If it is a breakthrough above the triangle more likely it will come sooner cause it's already on the upper line area as we speak, if it will be a breakdown it will need some additional time to go test it again and then break the line.
Beside the triangle there are the fibonacci support and resistance levels that are above and below the current price zone. The fibonacci tracement from this triangle (9090$-7423$) show us a critical reristance level of 38.2% fib at 8062$ and a critical support level of 23.60% at 7819$.
Although there is more possibilities breaking the upper line of the triangle I must say that since we are clearly inside the brokedown of the wedge we are in a bearish posture and it must break more fib levels of resistance in order to gain more momentum and the bullish sentiment drive the price back towards to 9000$.
Let's see how it goes and I will update the post later on.
As we can see on the chart btc price is into a descending triangle, Both from 30th of May and even more clearly since 3rd of June. Let's see what are the key points of this timeframe. If we take a closer look from May 30th to June 3rd price was at the same time inside the ascending wedge where after June 3rd brokedown clearly and it's moving inside the descending triangle alone.
Inside this triangle the messages from btc price are a bit confused. Although at first it looked like a clearly bearish descending triangle where the price tested 2 times and almost 3rd and 4th the lower line of the triangle, at the latest days it seems that btc gains a bit of momentum. Result of this momentum was the price to test the upper line of the descending triangle once at June 12th. Although it seems it is retesting it now or not price haven't moved away from it but instead it keeps close distance to the upperline, showing us that there is a potential retest and breakthrough of the upper line.
Now we are on the verge of a decisive move either for a breakthrough or a breakdown as we move towards the triangle pick, crossing 60% of triangles length. The move can be anywhere between 60% - 80% of triangles length.(until 15-16th June). If it is a breakthrough above the triangle more likely it will come sooner cause it's already on the upper line area as we speak, if it will be a breakdown it will need some additional time to go test it again and then break the line.
Beside the triangle there are the fibonacci support and resistance levels that are above and below the current price zone. The fibonacci tracement from this triangle (9090$-7423$) show us a critical reristance level of 38.2% fib at 8062$ and a critical support level of 23.60% at 7819$.
Although there is more possibilities breaking the upper line of the triangle I must say that since we are clearly inside the brokedown of the wedge we are in a bearish posture and it must break more fib levels of resistance in order to gain more momentum and the bullish sentiment drive the price back towards to 9000$.
Let's see how it goes and I will update the post later on.
Nota
It was not much later my post when the triangle broke through the upper line as I gave clearly more possibilities since the price of btc was hovering around the area of the upper line. The pace didn't last long and the price currently retraced a bit but stil above the upper line of the triangle. If it won't last tomorrow it will be almost as it never happened. However if the price holds it's ground then a test of 8454$ which is the 50% fibonacci resistance is imminent and more momentum for higher. Let's see how it goes then next hours because at the moment the buyers seem a little bit exhausted.
Penafian
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