TL:DR - Symmetrical Triangle still in play. Look for a retest of $9k in the next 2 weeks. A break above $9,100 with heavy volume and I would expect to see 
12K by mid summer
This is the BTC:USD chart with 1 Day candles. If you have been following me you know I have been talking about Bitcoin's Symmetrical Triangle formation setting up since 5/22. At the moment the pattern is playing out to perfection but it can break down at any moment.
I am not looking to accumulate Bitcoin so I have no longs however I would have bought at $7150 or so based upon where price was heading and the purple trendline was. We bounced well off of $7100 and are now seeing some bullish momentum build. If the Symetrical Triangle pattern holds then I expect to see a retest of $9000 by mid June. I have not touched my green arrows from my previous chart although I have drawn two new ones as the previous drawing I feel is less likely.
If we break above $9,100 then I may look to buy as a conservative price objective is $12,000 or 33% gain (Price Objective = base of the triangle + price when the triangle is broken). Another possibility would be hitting $10k resistance and breaking back down signalling range bound action. Yet another possibility is a bounce downward off of $9k and another retest of the bottom of the triangle.
Regardless, I am not long or short, I am just happy BTC is not going down and dragging the rest of the market with it.
***This is not investing advice. I am not an investing professional. Do not invest what you cannot afford to lose. All investors should seek guidance from licensed financial advisers and not random people on the internet.***
12K by mid summerThis is the BTC:USD chart with 1 Day candles. If you have been following me you know I have been talking about Bitcoin's Symmetrical Triangle formation setting up since 5/22. At the moment the pattern is playing out to perfection but it can break down at any moment.
I am not looking to accumulate Bitcoin so I have no longs however I would have bought at $7150 or so based upon where price was heading and the purple trendline was. We bounced well off of $7100 and are now seeing some bullish momentum build. If the Symetrical Triangle pattern holds then I expect to see a retest of $9000 by mid June. I have not touched my green arrows from my previous chart although I have drawn two new ones as the previous drawing I feel is less likely.
If we break above $9,100 then I may look to buy as a conservative price objective is $12,000 or 33% gain (Price Objective = base of the triangle + price when the triangle is broken). Another possibility would be hitting $10k resistance and breaking back down signalling range bound action. Yet another possibility is a bounce downward off of $9k and another retest of the bottom of the triangle.
Regardless, I am not long or short, I am just happy BTC is not going down and dragging the rest of the market with it.
***This is not investing advice. I am not an investing professional. Do not invest what you cannot afford to lose. All investors should seek guidance from licensed financial advisers and not random people on the internet.***
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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.
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.