UPDATE on BTCUSD Chart Analysis [11-04-2018:
Bitcoin has been squeezing into a triangle pattern over the last few days after the initial resurgence from $6,400 to a high of $7,500. Since then, it has been grinding into a tight range with lower highs and higher lows.
With the larger time frame down trend still in tact, there is Target 2 near the $6,000 level that has not been hit as yet.
The more likely assessment is a bearish outcome that is based on the following factors:
1. Within the triangle pattern , price has been increasing gradually, but capitulates downwards that indicating buyers might be exhausted
2. Key psychological resistance level of $7,000 will offer resistance
3. Overall down trend is still in tact
4. Low volume = likely to be trend continuation
Should BTCUSD follow a bullish trajectory and close above the $7,000 level, then I will re-assess and wait for the next pattern to emerge.
Enjoy.
You can now follow me on Steemit: steemit.com/@crypto-toast
Disclaimer: This is only my opinion, make of it what you wish. It is not financial advice
Bitcoin has been squeezing into a triangle pattern over the last few days after the initial resurgence from $6,400 to a high of $7,500. Since then, it has been grinding into a tight range with lower highs and higher lows.
With the larger time frame down trend still in tact, there is Target 2 near the $6,000 level that has not been hit as yet.
The more likely assessment is a bearish outcome that is based on the following factors:
1. Within the triangle pattern , price has been increasing gradually, but capitulates downwards that indicating buyers might be exhausted
2. Key psychological resistance level of $7,000 will offer resistance
3. Overall down trend is still in tact
4. Low volume = likely to be trend continuation
Should BTCUSD follow a bullish trajectory and close above the $7,000 level, then I will re-assess and wait for the next pattern to emerge.
Enjoy.
You can now follow me on Steemit: steemit.com/@crypto-toast
Disclaimer: This is only my opinion, make of it what you wish. It is not financial advice
