A move to $5.5, which could happen naturally, would trigger a short squeeze to $6...
While the same exists in reverse, what concerns me more is the risk. The bitcoin price is ready to go up, sure, but the bulls can't play until the bears are satisfied. Indicators are extremely close to trigger a sell signal...good time for someone to rally, but it'll cost them around $120k to push that trigger. The trigger down is about half that, and since sentiment is bullish (I think), it's a very juicy path downwards.
There's a proper long term upwards
support down at $3.5...the one we're at now is just make believe imo. I think the real price of this huge triangle we're in is around $4.50-$4.60.
k so, say your triangle breaks down to 4.50 then what? panic to 4$?
No this is it...
4$ is the bottom, 4.87 is the current price, if no major buy or sell happens we'll be at 4.75 in 2 days, 4.50 in 1 week, 4.25 in 1 month
but the thing is, something will happen... and soon! ( Right
major sell off, since we are so close to the bottom, a major sell of would bounce back relatively fast (don't try to cause panic selling... it simply wont work)
major buy up, since we are so close to the bottom, a major buy up will retain some momentum and reach higher. ( very expensive to pull the trigger...)
no one will pull the trigger, and no one will want to try and cause panic in order to buy back lower.
so only one thing can happen
a very slow down to 4.25, fallowed by a even slower climb up and over 5.1 at which point news about some new service offered in bitcoin will trigger a wave of new money willing to buy coins no matter what the cost, hell slips open, the never ending bull run continues
I lay it out for you all to to play it out