Bitcoin ready to make a correction down but does not want to 🙂
Bitcoin (BTC) Price Today – BTC / USD
Still nog allot has changed and still going sideways. On one hand this shows the market does not wont to drop which is asign! Based on TA it is a bit complicated because i see several mixed signals.
On the left we see a possible triangle in the making which could also turn into a big bull flag if we stay above the 7000ish. On the lower time frame on the right, we can see another possible H&S in the making. Next to that, that trend line broke as well, but so far no reaction (drop) at all. But could still happen, unless we break the 7280/7320. But this is normal when they can turn this into a triangle or bull flag . Next to all of this, most alts are still very stable, dropped a bit but most inside a small bull flag or bullish wedges and ready to make the next wave up again.
As i mentioned the last few days, i still favor the parabolic move up for bitcoin 1.54% for the coming days and we are still inside that pattern but there is not allot of room left, maybe like half a day. This is still my favorite scenario at the moment. I think we have a clear short term support and that is the former resistance of 7150, in the chart we can see that level is more around 7170/80. I think for today the range to break is the 7160/7320. In the mean time it will probably just be some pingpong as i mentioned yesterday :).
If the bulls can keep this up, we should see the break of 7300/7400 today and i think we can rally towards the 7800 the coming day or 2. The 7800/8000 are still the levels to break for me, because i still think that if we break this one, the 8500 will probably just be a formality and a matter of time. But this depends on the conviction of the bulls for this week!
In summary, a break of 7170/50 can take us towards 7000 and still be bullish for the short term. If we break the 7350 we will probably see a rally towards the 7800, but don’t expect it to be one straight line.