The fact that there is a huge triangle in the higher degree of this current structure is once again show us that current consolidation will last longer than what we've thought. In the last 1 month, the volatility for the bitcoin has been ranging between 11100 - 9800 region which is around 14% and considered as a low volatility on the bitcoin's market. During this consolidation and accumulation zone, there will be a lot of uncertainty occurring and the crypto market in general has lost a lot of market capitalization too.
However, the previous pattern which I've anticipated and covered is still in play and is still valid as well. The huge triangle is still forming here with the price comes closer to the APEX of this huge triangle. This action could be the action of waiting the uncertainty to become certain. The significant factor from fundamental side is the US president election that will take place later near the end of the year and the COVID 19 vaccine development which so far giving a huge effect on the global market, not just the crypto market.
Price is currently trending slightly above the .236 fibonacci retracement level which is becoming the first strong support based on the guideline on the fibonacci itself. Beside that, since the break out point from the yellow resistance trend line, we haven't seen any sign of retesting this broken resistance trend line as a support which is the phase 2 of break out strategy to confirm the bigger upside cycle in the future. I still see a potential downside moves to test the blue region which is moving in alignment with the yellow resistance trend line. However, I'll respect current triangle as the major pattern that is becoming most significant pattern at this condition. Breaks below this lower line of the triangle will become another correction toward the blue region and I'll anticipate the .5 fib level as the end of liquidation zone. Still staying neutral as long as there isn't any confirmation yet.
However, the previous pattern which I've anticipated and covered is still in play and is still valid as well. The huge triangle is still forming here with the price comes closer to the APEX of this huge triangle. This action could be the action of waiting the uncertainty to become certain. The significant factor from fundamental side is the US president election that will take place later near the end of the year and the COVID 19 vaccine development which so far giving a huge effect on the global market, not just the crypto market.
Price is currently trending slightly above the .236 fibonacci retracement level which is becoming the first strong support based on the guideline on the fibonacci itself. Beside that, since the break out point from the yellow resistance trend line, we haven't seen any sign of retesting this broken resistance trend line as a support which is the phase 2 of break out strategy to confirm the bigger upside cycle in the future. I still see a potential downside moves to test the blue region which is moving in alignment with the yellow resistance trend line. However, I'll respect current triangle as the major pattern that is becoming most significant pattern at this condition. Breaks below this lower line of the triangle will become another correction toward the blue region and I'll anticipate the .5 fib level as the end of liquidation zone. Still staying neutral as long as there isn't any confirmation yet.
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Pubblicazioni correlate
Declinazione di responsabilità
Le informazioni ed i contenuti pubblicati non costituiscono in alcun modo una sollecitazione ad investire o ad operare nei mercati finanziari. Non sono inoltre fornite o supportate da TradingView. Maggiori dettagli nelle Condizioni d'uso.