We just hit the next level of resistance with BTC. It could go many ways, but the triangle theory is currently on pace. Expect some resistance for the time being and then watch for a possible climb up to 13K as the week progresses.
1) A symmetrical triangle is generally regarded as a period of consolidation before the price moves beyond one of the identified trendlines . I am sure many will agree we are in a consolidation period.
2) Symmetrical/convergent triangles are more common in 4 wave cycles. Look, even in the fourth wave "C" we have a triangle.
3)As this pattern advances we will see some contraction in volume , there is a good chance we will see and quick increase in volume when a breakout is ready.
In short, at this stage, everything points to this scenario. I have been in the position for a long time and will begin to sell my portfolio starting at ~ 13500 with the intent to rebuy shortly after. If not, I will re-assess this projection.
Best of luck to all traders. I would be happy to discuss :)
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I expected some resistance at the yellow line. It has happened. Next, we must watch and see if things stabilize.
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Possible support @ ~11,150
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And just like that we had a very fast drop 11,150. Now we some support. Lots of volume moved. Stay tuned!
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largest 4 hr volume spike in quite a long time. Next area to watch is 10.7k, then it is 10.2k