Today it looks like BTC 3.94% had a breakout of the symmetrical triangle. When these triangles form, they have a 64% chance to break upwards, with all the negative indicators however I believe what we are witnessing is capital flight from alts back into BTC 3.94% .
This could mean a couple of things, either the movement picks up more steam, and will attempt to reach higher, or it will be another failed breakout where we will test the lows of the triangle again, with another possible break downwards to lower lows.
1) Currently, we have two 1 hour reveral doji's in place which could send this thing back downwards.
2) The 4 hour has not crosses the 0 histogram, the bulls need to push this higher for the next few hours to bring a crossing up, if successful, we will be seeing BTC 3.94% going up further.
If you like my ideas, please hit the like button, it encourages me to continue charting and sharing with the community.
Please see the picture below for possible buy zones if the triangle breaks down and ends up breaking downwards.
As always, I will continue to update this idea if it reaches 15 likes.
If you find these ideas helpful, please support me by liking and following.
We should now be in a new range of trading at these levels.
I find it much more likely that people are scared crapless by the moving average crossings, so they exited the alt market and are looking for an exit to fiat, but who knows I'm a pessimist.