This giant triangle contains different smaller patterns, and these patterns are telling us where the price will be supported or denied.
In the first triangle, MA14/21 denied price, and BTC seek support at MA100/MA50 (which meets at fib ret. 0,50%) , means breaking down of first triangle and eventually even fib ret at 0,50%.
The big question is will BTC closes the week below MA100 and consolidate above MA50? Or..
BTC could close below MA50 = which could mean that BTC will seek support at Fib ret 0,618% or all the way down to MA200 and Fib.ret 0,786%.
I still believe 5k is the target. RSI pattern broken, and only rescue to get the will in buyers back is if fib,0618 holds all week after it eventually breaks MA100 and MA50. And if we look at the 2nd triangle, we can see that we are in middle of it, crossing MA100/50 in this position of a triangle tells us only that the bottom could be further down at 3rd "floor".
To confirm and establish 5k as a new "bottom".
Let's see how this plays out.
In the first triangle, MA14/21 denied price, and BTC seek support at MA100/MA50 (which meets at fib ret. 0,50%) , means breaking down of first triangle and eventually even fib ret at 0,50%.
The big question is will BTC closes the week below MA100 and consolidate above MA50? Or..
BTC could close below MA50 = which could mean that BTC will seek support at Fib ret 0,618% or all the way down to MA200 and Fib.ret 0,786%.
I still believe 5k is the target. RSI pattern broken, and only rescue to get the will in buyers back is if fib,0618 holds all week after it eventually breaks MA100 and MA50. And if we look at the 2nd triangle, we can see that we are in middle of it, crossing MA100/50 in this position of a triangle tells us only that the bottom could be further down at 3rd "floor".
To confirm and establish 5k as a new "bottom".
Let's see how this plays out.
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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.