The current pattern forming on the weekly chart is a Triangle ( a triangle is a consolidation or sideways movement that last for over 3 months to years.
while other patterns that look just like the triangle exist( ) They tend to complete the formation and breakout or breakdown within the period of 3months.
In the case of BTC , The current pattern has lasted for 6months now, making this a triangle.
for long term investing , Let’s take a closer view at the Monthly chart to see the most likely next strong support that could Lead to these bulls picking back up and leading to a new ATH
The above chart explains with highlighted comments what is likely forming for the rest of 2021 and 1st half of 2022 on the monthly
For the Midterm, Let’s Look at the weekly chart.
I do see there is a support at around 42k to 38 k range aside the 44k support. We have this area stacked but is getting weak with each hit by the bears and I do expect a breakdown of this support anytime sooner than later.
breaking this support will only push these bulls down to the the 32k support to the 28k support.
BUT WHAT THEN HAPPENS IF THE 28K SUPPORT SHOULD FAIL THE BULLS?
This shows that changes of a little bounce to retest the break down support which is likely going to act as a new resistance for the bulls
For short term(this is not for scalping but for a 4hrs trader.
As a result of the current , we will need a good patience to be able to buy cheaper BTC and to be able to see another big pump that is capable of taking btc to a new All Time High, we will not likely to be seeing that in 2021.
Trading is 10% buying and 10% selling but 80% waiting, A patience trader will be able to confidently but btc below 20k to target a sell around 80k to 100k next probably in lat 2022 to 2023.
Thank you for the support and Happy trading.
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