TL:DR - Symmetrical Triangle still in play. Look for a retest of $9k in the next 2 weeks. A break above $9,100 with heavy volume and I would expect to see 
12K by mid summer
This is the BTC:USD chart with 1 Day candles. If you have been following me you know I have been talking about Bitcoin's Symmetrical Triangle formation setting up since 5/22. At the moment the pattern is playing out to perfection but it can break down at any moment.
I am not looking to accumulate Bitcoin so I have no longs however I would have bought at $7150 or so based upon where price was heading and the purple trendline was. We bounced well off of $7100 and are now seeing some bullish momentum build. If the Symetrical Triangle pattern holds then I expect to see a retest of $9000 by mid June. I have not touched my green arrows from my previous chart although I have drawn two new ones as the previous drawing I feel is less likely.
If we break above $9,100 then I may look to buy as a conservative price objective is $12,000 or 33% gain (Price Objective = base of the triangle + price when the triangle is broken). Another possibility would be hitting $10k resistance and breaking back down signalling range bound action. Yet another possibility is a bounce downward off of $9k and another retest of the bottom of the triangle.
Regardless, I am not long or short, I am just happy BTC is not going down and dragging the rest of the market with it.
***This is not investing advice. I am not an investing professional. Do not invest what you cannot afford to lose. All investors should seek guidance from licensed financial advisers and not random people on the internet.***
12K by mid summerThis is the BTC:USD chart with 1 Day candles. If you have been following me you know I have been talking about Bitcoin's Symmetrical Triangle formation setting up since 5/22. At the moment the pattern is playing out to perfection but it can break down at any moment.
I am not looking to accumulate Bitcoin so I have no longs however I would have bought at $7150 or so based upon where price was heading and the purple trendline was. We bounced well off of $7100 and are now seeing some bullish momentum build. If the Symetrical Triangle pattern holds then I expect to see a retest of $9000 by mid June. I have not touched my green arrows from my previous chart although I have drawn two new ones as the previous drawing I feel is less likely.
If we break above $9,100 then I may look to buy as a conservative price objective is $12,000 or 33% gain (Price Objective = base of the triangle + price when the triangle is broken). Another possibility would be hitting $10k resistance and breaking back down signalling range bound action. Yet another possibility is a bounce downward off of $9k and another retest of the bottom of the triangle.
Regardless, I am not long or short, I am just happy BTC is not going down and dragging the rest of the market with it.
***This is not investing advice. I am not an investing professional. Do not invest what you cannot afford to lose. All investors should seek guidance from licensed financial advisers and not random people on the internet.***
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