Bitcoin Symmetrical Triangle - Breakout Coming Soon
Looking at today's chart we see Bitcoin forming a symmetrical triangle, with a slight bullish trend angle at 9 degrees (from bottom trendline). Also volume flow appears to be retracing towards bullish territory, sitting around -5 now, and rising. Breakout is likely between 1900 and 2100 Eastern time (USA).
If we break out, first target will be to regain 58k where significant rejection occured on the way down last night/earlier today. Then the psychological target of 60k that we are well acquainted with. And lastly 62k, which rejected us last week. If we overcome those, we enter price exploration and my next meaningful target would be around 66k at the final impulse (wave 5) on this subwave.
As noted elsewhere volume has been decreasing the longer this super trend continues. Continue monitoring volume for any sharp declines that might indicate a bearish divergence from the current bull cycle. Also if we drop below the bottom support of this super trend, we risk invalidating the bull cycle.
A little caution as far as the top of this cycle- my lowest prediction was 61k, my highest around ~105k. There is a small chance we topped out and this is a corrective pattern playing out with 61k representing wave B of the corrective pattern. But its more likely that this was wave 4 subwave of a wave 5 impulse up to around 65/66k if my TA is accurate.
If we break out, first target will be to regain 58k where significant rejection occured on the way down last night/earlier today. Then the psychological target of 60k that we are well acquainted with. And lastly 62k, which rejected us last week. If we overcome those, we enter price exploration and my next meaningful target would be around 66k at the final impulse (wave 5) on this subwave.
As noted elsewhere volume has been decreasing the longer this super trend continues. Continue monitoring volume for any sharp declines that might indicate a bearish divergence from the current bull cycle. Also if we drop below the bottom support of this super trend, we risk invalidating the bull cycle.
A little caution as far as the top of this cycle- my lowest prediction was 61k, my highest around ~105k. There is a small chance we topped out and this is a corrective pattern playing out with 61k representing wave B of the corrective pattern. But its more likely that this was wave 4 subwave of a wave 5 impulse up to around 65/66k if my TA is accurate.
הערה
Earlier TA referenced above: 
הערה
Broke below clearly.. at least we called a breakout, just not the direction. A very strong rejection off the drop to 55.5k, looks like strong support for now. I think we'll form a new pattern here and observe to see what happens next.
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