WILL BTC TEST 9500$ OR THE PULLBACK WILL COME SOONER? #BTC
Updated
Let's see a fresh idea how the market of BTCUSD may move from here for the bullish and the bearish scenario.
The chart I am using for this occasion is 1D where we can watch a triangle pattern forming and closing up to it's pick at 9500$. The picks of triangles (almost) :) never are tested instead it breaks earlier either way. So my first assumption is that this rally will not test 9500$ but maybe somewhere earlier at 9000$ again or 9200$ at the best. In order to have a continuation of the bull trend and test 9500$ or higher there must be soon a pretty big green candle break this triangle pattern and in fact make a wider wedge moving the pick of the triangle higher to 10000$ or above.
However if the price keeps moving between this triangle it's possible very soon we will have the pullback many are anticipating. Especially if it keeps this bearish posture we see for the last 17 concequent 6h candles moving between the channel I put on the chart.
So to sum up...the price is inside this bearish channel but pushing the upper line, which is good for now but it will not be enough if the big green candle won't come soon enough... Let's wait some more 6h and watch the progress of this situation.
The chart I am using for this occasion is 1D where we can watch a triangle pattern forming and closing up to it's pick at 9500$. The picks of triangles (almost) :) never are tested instead it breaks earlier either way. So my first assumption is that this rally will not test 9500$ but maybe somewhere earlier at 9000$ again or 9200$ at the best. In order to have a continuation of the bull trend and test 9500$ or higher there must be soon a pretty big green candle break this triangle pattern and in fact make a wider wedge moving the pick of the triangle higher to 10000$ or above.
However if the price keeps moving between this triangle it's possible very soon we will have the pullback many are anticipating. Especially if it keeps this bearish posture we see for the last 17 concequent 6h candles moving between the channel I put on the chart.
So to sum up...the price is inside this bearish channel but pushing the upper line, which is good for now but it will not be enough if the big green candle won't come soon enough... Let's wait some more 6h and watch the progress of this situation.
Note
Waiting for that big green candle but....At present time we can see that the price of btc broke the upper line of the descending channel, still though we havent seen that big green candle we wait to test 9000-9200$. If we keep not seeing this big candle maybe it just moves sideways resulting to tilt a bit the descending channel and eventually test the lower line of the ascending wedge. EIther way if it will move this way it is possible the pullback getting closer.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.