9.12.2020 - Bitcoin (BTC / USD)
Hi Traders!
After a long time, we will look at the analysis of Bitcoin. But first, let's describe the current situation. After the last growth, we are still quite high - around ATH. Overall, however, we have not been able to long-term break ATH or the magic USD 20,000 limit, and we do not think that will succeed in the near future. On the contrary.
The graph shows two basic scenarios that we are currently monitoring:
1. TRIANGLE
The first possibility is that we are forming a triangle. This formation would mean that the market would no longer fall and we would not get a chance to buy "cheaper". On the other hand, it would be a strong bullish signal that we will attack the maximum values again after the completion of the triangle. In the long run, it would also be very positive, because we would create a structure between the values of USD 17,000 and 20,000. In 2017, we were already at these values, but it was only for a few hours. Only now we are starting to create historical volumes there. It is these volumes that will help us in the future as a support.
2. ABC CORRECTION
In the second case, we would fall to USD 16,115 - 16,470. This would be an ABC correction with a conservative target. We are not talking about other targets yet, as we have not yet concluded what the pattern will be.
CONCLUSION
We currently expect to drop to USD 16,800 in a few days, and it will be decided there whether we can maintain this trendline or not.
May the crypto be with you!
After a long time, we will look at the analysis of Bitcoin. But first, let's describe the current situation. After the last growth, we are still quite high - around ATH. Overall, however, we have not been able to long-term break ATH or the magic USD 20,000 limit, and we do not think that will succeed in the near future. On the contrary.
The graph shows two basic scenarios that we are currently monitoring:
1. TRIANGLE
The first possibility is that we are forming a triangle. This formation would mean that the market would no longer fall and we would not get a chance to buy "cheaper". On the other hand, it would be a strong bullish signal that we will attack the maximum values again after the completion of the triangle. In the long run, it would also be very positive, because we would create a structure between the values of USD 17,000 and 20,000. In 2017, we were already at these values, but it was only for a few hours. Only now we are starting to create historical volumes there. It is these volumes that will help us in the future as a support.
2. ABC CORRECTION
In the second case, we would fall to USD 16,115 - 16,470. This would be an ABC correction with a conservative target. We are not talking about other targets yet, as we have not yet concluded what the pattern will be.
CONCLUSION
We currently expect to drop to USD 16,800 in a few days, and it will be decided there whether we can maintain this trendline or not.
May the crypto be with you!
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