Where is Bitcoin going???

13 באוג׳

Where is Bitcoin Going?

• Bias: Neutral
• Key support: 58k
  
• Key resistance: 64k
  
  

I decided to show you guys a different chart this time. Bitcoin is found in an expanding triangle which has captured the price since March.

Until Bitcoin breaks this formation, we cannot really turn bullish or bearish. We're in neutral territory over here. On my side, I will lean bullish whenever the price breaks above 64k, our current resistance.

If the price falls under 58k again, I'll take it as a sign of weakness and lean bearish with a good chance we revisit 50k to re-test the recent lows. Perhaps a good entry if you missed the drop last Monday.

Either way, the price remains in this triangle and until it leaves, we won't get a clear trend. For now the three bullish trendlines from 2020, 2022 and 2023 are intact. The latter was tested last week and it held.

Ideally Bitcoin breaks above this triangle around September to start a new rally and take us towards 100k. If that happens, money will likely FOMO into altcoins again.

Once charts go parabolic, make sure to start exiting. I think we'll get one more exit in this cycle. I made a guide on earlier. See the below links, follow, and enjoy!

Any questions, ping me or leave a comment. Thanks!

Duo