BTC about to break out? - 64/65k next?

2024年8月23日

So BTC has been chopping between 58-61.5k for almost two weeks now, which is frustrating but part of the game.

Right now it seems to be flirting with a breakout, printing a traingle shape just below resistance as we speak. Now the problem with these triangles is, that they are not the most reliable patterns, more like 50/50 to be honest, so I would only be convinced if BTC pushed straight to 65k from here. If it goes slow and hesitates around 64k it might drop back below 60k again to continue the chop for god knows how long...

Plus it's almost weekend, so high chance of stop hunts and fake moves nonetheless but still, it's a chance for the bulls to show some strength again.

IF it pushes to 65k later, it must hold ~61k throughout the weekend for continuation next week.

Fingers crossed.

2024年8月23日

註釋

For reference: Looks at what happened on 17th may, this would be an ideal scenario :)

2024年8月23日

註釋

And there it is :) Bit less of what I was expecting, but still, this triangle seemed to be real. Now as I said, not out of the woods yet. Needs to hold 61-61.5k coming days for continuation. 64k is a huge resistance, so not an easy task for the bulls whatsoever.

2024年8月26日

註釋

Held pretty good over the weekend, best case it holds 62.8k but could go as low as 61.8. Really don't want to see a drop back below 61k.

2024年8月27日

註釋

Weekend looked good but now it's already shitting the bed. It's not over yet by any means, bulls could still turn this into their favor but it has to be soon.

This is not looking like a bull flag anymore. It did from friday to sunday but it failed to break out and is bleeding ever since.

Think if we see a daily close below 61k my view is probably wrong and we simply continue to chop for another week or so.

2024年8月28日

註釋

Aaand it shit the bed again :)

Now 62-63k acts as resistance and 56k as lowest support. So basically no-trading-zone aka. no-mans-land.

Will update when we have a clearer picture.