Bitcoin in a triangle - Watch it closely

[TomCrypto]

BTC just broke the black channel Upward and it was a nice candle (1200$ in a matter of a few minutes!!!)

[gabmen]

BTC just broke the black channel Upward and it was a nice candle!

It did, and it got a lot of people quite excited including me lol. Reversal perhaps? Though i've no intentions of moving my btcs, it's just nice to see some positive movements after a long while of seeing red

[Thirdspace]

It did, and it got a lot of people quite excited including me lol. Reversal perhaps? Though i've no intentions of moving my btcs, it's just nice to see some positive movements after a long while of seeing red

I was planning to buy some but wasn't able to do so because rel life activities in the last couple days
@TomCrypto would you draw some more lines and triangles for us
I'm curious what direction the chart will move, after a price spike usually there will be a correction

[TomCrypto]

Sorry I don't have a lot of spare time lately to update this feed but here are some news :
BTC is currently struggling with a FIB resistance around 8,4 - 8,6k (blue dashed horizontal line)

If it doesn't succeed to past it, BTC will go to the previous FIB support at 7.7-7.9k in order to gather some new strengths.
IF it succeed in breaking this resistance, we will witness the test of the Red line which will be determinant for the future of BTC price for the next weeks. if the red line is broken upward this will send a strong signal and may put an end of the bearish trend we have seen lately.

[Sahyadri]

Sorry I don't have a lot of spare time lately to update this feed but here are some news :
BTC is currently struggling with a FIB resistance around 8,4 - 8,6k (blue dashed horizontal line)

If it doesn't succeed to past it, BTC will go to the previous FIB support at 7.7-7.9k in order to gather some new strengths.
IF it succeed in breaking this resistance, we will witness the test of the Red line which will be determinant for the future of BTC price for the next weeks. if the red line is broken upward this will send a strong signal and may put an end of the bearish trend we have seen lately.

Bitcoin is yet to test $8900 resistance to confirm the bull cycle. With Bitcoin making higher highs and lower lows, I expect it to breach $8900 zone this time instead of going back again to test $7700 zone. Bitcoin is successfully making up to $8k+ levels even after the sudden pump.

[Thirdspace]

Sorry I don't have a lot of spare time lately to update this feed but here are some news :
BTC is currently struggling with a FIB resistance around 8,4 - 8,6k (blue dashed horizontal line)

If it doesn't succeed to past it, BTC will go to the previous FIB support at 7.7-7.9k in order to gather some new strengths.
IF it succeed in breaking this resistance, we will witness the test of the Red line which will be determinant for the future of BTC price for the next weeks. if the red line is broken upward this will send a strong signal and may put an end of the bearish trend we have seen lately.

how do you draw the red and purple lines? they don't seem based on any precise high or low points
are you sure 7.7-7.9k will be the next support? I'm seeing support line is gradually uprising from $6.7k to $7.1k
If I draw lines on the lows, it pointed towards possible $7.1k as the next triangle crosspoint sometime in third week of may

edit: ahh... after seeing old images, I just realized those red and purple lines was drawn from way older high/low points

[TomCrypto]

I don't have a lot of available time for crypto lately but I will just update a few lines and FIB resistance just to see how it will go.
I will try to explain later the following graph

[Thirdspace]

I don't have a lot of available time for crypto lately but I will just update a few lines and FIB resistance just to see how it will go.
I will try to explain later the following graph

https://www.tradingview.com/x/KsZpmVj3/

is this mean there are 2 possible low entry points before the end of May?
first is this coming week (3rd week of May) for ~$7700
second is the following week after that (4th week of May) for ~$7200
then it will slowly rise up and test the first resistance around 2nd week of June at ~$8,700
so I should buy around that low time/price and then sell back for some profit in June?

[TomCrypto]

Today we the bottom line (pink one)n of the triangle described previously was broken downward and the fall was steep!



First support around 6600 second around 6400.

This break was initiated due to this news : https://cointelegraph.com/news/all-of-top-100-cryptocurrencies-see-red-amidst-cftc-price-manipulation-probe

[mOgliE]

I don't think there is such a simple explanation of the drop...

IMHO it's much more plausible that it's just a few longs being closed at the same time. Remember that some investors entered heavily during the first drop and I wouldn't dare imagine what they're doing right now. Looking for logical and easy answers isn't a solution. If you could get such answers then everyone could predict what will happen.

But here we seem to be go for another down then...

[DeathAngel]

I hope it stops now to be honest, it’s always nice to add little bits to your stash during drops but I really don’t want to see us go below 6k. It causes panic & then weak hands dump & it gets even fucking worse.

[STT]

Loss of momentum I thought was one signal.   Not absolute or perfectly clear but it encountered resistance probably on a few peoples screens.   One of them held alot of BTC and thought it'd be worth a sell, for all I know they are buying it back as we speak

I've been following the blue line on this chart as a momentum measure, whether we bullish or bearish from the last time we were at this price in early April.     Right now I'd just call it a reset, nothing more complicated then that

[goyal.dkg]

now the triangle in main post seems got broken by this recent dip , sometimes in crypto market chart are useless , dip from 7400 is totally unexpected . it mostly happened bcoz of FUD of hack and investigation of price manipulation , big investors tried to load dip and create panic with help of such news and then re-enter at low price .

[Zadicar]

Loss of momentum I thought was one signal.   Not absolute or perfectly clear but it encountered resistance probably on a few peoples screens.   One of them held alot of BTC and thought it'd be worth a sell, for all I know they are buying it back as we speak

I've been following the blue line on this chart as a momentum measure, whether we bullish or bearish from the last time we were at this price in early April.     Right now I'd just call it a reset, nothing more complicated then that

I dont know if hits double top on resistance but basing on the rsi its going on down trend or price decrease. Ascending triangle do signifies market reversal but the thing happen after this thread being posted seems like the opposite one. Touching support on long term trend scales doesnt signifies anytime a trend reversal but still theres a possibility.We might even hit up below 6k price.

[Carterwyang]

I do not understand why there are so many fudders in here , i do not think that the price will drop even more, it is more than stable at the mometn and it is safe to invest

[TomCrypto]

I forget to update previously in this post but i did on my french post here where I stated that if the support at 6.4k don't hold we can go to 5,9k. And here we are...

BTC is actually in a descending channel (between the aqua and purple lines) and we are currently on a strong support at 5.9k which set the bottom of the big descending triangle between the light green and the red lines. BTC previoulsy tested 2 times this support in the past.

This 5.9k support could hold (unless we get a bad news) and i think we may have sideways mouvement this weekend before a small bounce on the beginning of the week and then a retest of the 5.9k support. But the sell pressure remains very high so it may break even without any catalyst.
The next support below are at 5.7k, 5,5k and 4.9-5k

[Thirdspace]

BTC is actually in a descending channel (between the aqua and purple lines) and we are currently on a strong support at 5.9k which set the bottom of the big descending triangle between the light green and the red lines. BTC previoulsy tested 2 times this support in the past.

I hope that $5,9k will hold as strong as we thought but I'm a bit worry and not so sure about it   
it did bounce back up slightly today but it looks like we are going to break support again within a week or two

This 5.9k support could hold (unless we get a bad news) and i think we may have sideways mouvement this weekend before a small bounce on the beginning of the week and then a retest of the 5.9k support. But the sell pressure remains very high so it may break even without any catalyst.
The next support below are at 5.7k, 5,5k and 4.9-5k

this retest that I am afraid of it has tendency to break the support
I got a feeling this support won't hold long and we will see $5k soon
lets hope it turns the other way around and rises up back to $7k or more before the end of july

[TomCrypto]

The previous support at 5.9k hold quite well and confirm that 5.9k is really a strong support.

BTC is currently hitting two resistances : the FIB one at 6.6k and the one formed by the top of the descending channel (between aqua and purple lines)



If we break the channel upward, the next stop will be at 6.8k FIB resistance and then at the 7.2k FIB which may be coupled with the red resistance line from the big triangle we are since December.
If 7200$ is broken it will may end the downtrend that we face since the beginning of the year but we are not here yet!

If we don't break the current resistance, BTC will go back to 6.4k support.

IMO, i don't think that BTC will break 6.6k today but i would love to be wrong

[Thirdspace]

The previous support at 5.9k hold quite well and confirm that 5.9k is really a strong support.

yes indeed, it hold pretty well at $5.9k.
too bad I was somewhat  busy and didn't manage to scoop up cheap BTC at that time
I always misses a good opportunity to buy "good" price bitcoin

If we don't break the current resistance, BTC will go back to 6.4k support.

IMO, i don't think that BTC will break 6.6k today but i would love to be wrong

any chance we will see sub $5k within a month or two?
preev is currently showing $6,615 lets see if it goes up or down later today or tomorrow  

[STT]

If we break the channel upward, the next stop will be at 6.8k FIB resistance and then at the 7.2k FIB which may be coupled with the red resistance line from the big triangle we are since December.
If 7200$ is broken it will may end the downtrend that we face since the beginning of the year but we are not here yet!

If we don't break the current resistance, BTC will go back to 6.4k support.

IMO, i don't think that BTC will break 6.6k today but i would love to be wrong

It will take alot to break this declining trend from past months but if it breaks then I look for confirmation of the break and a more certain rise from that point.   The market likes to fake a breakout before then coming back in and resuming, maybe traders like to short and see it as a high risk reward scenario to do so.

The March 2017 trend I have literally drawn and left there since about last summer, maybe Autumn but not interfered this year because I figure its most accurate not to retrospect a view.   The way I drew that at that point is now overhead, maybe over the top of the June peak price

While these technical analysis are always nice to see, I wonder what the real benefit is by doing this. It is not a way to predict the market, because as the OP has stated in his post, we will or go down to +/- 7k or go up again depending on the market.

The point is there is no certainties but we can at least measure the high tide mark to the negative and positive trends and avoid some losses from predictable waves in the market