BTCUSD | The last chance to avoid crashBitcoin price action reached the upper triangle's border, the resistance withstand and thus BTC went down in a way it was drawn with price action bars projection in the most recent update which was shared on the 13th of February.
Bitcoin price went below $10 000 and consolidated there which was confirmed by numerous rejections of breaking back to the higher level. Adjusting technical analysis to this fact we receive a step-by-step forecast of the Bitcoin's price action
1. We see a high probability of testing the local support around $9 100 level in the short-term. The support is represented by a blue line at the chart and price action is going to reach this level first
2.1 When the first step is finished Bitcoin's price action has the only chance to continue upward trend development: from the support level it should break above the resistance of $10 056 level which is drawn as a green line. In case it happens Bitcoin will break from descending triangle pattern, however it is still unfinished and thus probability of such scenario is very low.
2.2 The more probable scenario reveals a great chance that ascending price action will be rejected at the mentioned resistance level (green line) and then Bitcoin's value will straightly go down to the global support level which is represented by a lower triangle's edge.
3. In case the previous steps are completed Bitcoin can have a small bounce to $8 600 level (yellow line) in a harmonic XABCD butterfly pattern with a subsequent global support retest
4. From the global support Bitcoin should fluctuate in an ascending trend until the end of the triangle is reached. We forecast it happens on the 13th of July. Taking into account Bitcoin's fundamental news for instance upcoming halving and technical analysis findings we can conclude the triangle should be broken upward which will be a start of a new global upward trend
We will provide you with updates of short-term price action perspectives between the mentioned above long-term steps once the first phase (reaching $9 100 local support) is finished
Stay tuned and be confident in your trades. Press "like", share the idea to your friends and please leave your feedback and thought in comment
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