Bitcoin Broke Major Resistance Barrier - Is this Just a Wick?
Updated
Bitcoin, Bitcoin, Bitcoin - Looks like you've just broken some some pretty strong resistance there. Right? Maybe, maybe not...
A quick glance at the chart reveals a very interesting and significant point to make, BTC is poking it's head out above the top weekly resistance line! This looks superb, the move we've been waiting for, said to happen on or around this Halving, and here we go! Well, we're not 100% convinced, Bitcoin might be about to lose it's proverbial head.
When trading S/R triangles like this one, many times the price will breakout before the "end" of the triangle, and this could be what is happening right now, it's broken resistance, will hesitate while support regroups, then it's off to $20,000+ (with a few stops along the way, of course!)
But maybe we should take a look at the Halving previous to this one:
You can see that although there was a bump in price movement around the halving, it consolidated quickly and fell back to roughly pre-halving price for nearly 6 months! That's a long time! Even after it broke out of this range it grew slowly, taking another 3-5 months before the "Bull run" really started gaining pace. This is significant.
Going back to our main chart, there's a pretty big trading area available Below our current price, and within the S/R triangle, we can't help but feel there's one or maybe two more squeezes downward before things really start to get going nearer the end of 2020. - What we are currently experiencing, might just be a wick on the Weekly chart, bear that in mind!
Good Luck & Happy Trading
theCrypster
A quick glance at the chart reveals a very interesting and significant point to make, BTC is poking it's head out above the top weekly resistance line! This looks superb, the move we've been waiting for, said to happen on or around this Halving, and here we go! Well, we're not 100% convinced, Bitcoin might be about to lose it's proverbial head.
When trading S/R triangles like this one, many times the price will breakout before the "end" of the triangle, and this could be what is happening right now, it's broken resistance, will hesitate while support regroups, then it's off to $20,000+ (with a few stops along the way, of course!)
But maybe we should take a look at the Halving previous to this one:
You can see that although there was a bump in price movement around the halving, it consolidated quickly and fell back to roughly pre-halving price for nearly 6 months! That's a long time! Even after it broke out of this range it grew slowly, taking another 3-5 months before the "Bull run" really started gaining pace. This is significant.
Going back to our main chart, there's a pretty big trading area available Below our current price, and within the S/R triangle, we can't help but feel there's one or maybe two more squeezes downward before things really start to get going nearer the end of 2020. - What we are currently experiencing, might just be a wick on the Weekly chart, bear that in mind!
Good Luck & Happy Trading
theCrypster
Note
It was just a wick after all!This next candle is also above the current top resistance line, if we can hold this position the Bull run might be sooner than expected!
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