In looking at the 4H chart, it looks like we have a symmetrical triangle formed, confirmed with decreasing volume
as we progress through he triangle. We have what looks like a bullish RSI
crossover and a bullish MACD
, so as we are nearing the end of the triangle, these signals could be a little confusing, but I think they will turn. I have been noticing lately that LTC has started to lead the way in some instances. I may be seeing things, but if we compare this chart to LTC, it is much more bearish
. I believe we will follow the yellow line.
We will make one small rally to the top of this new triangle, fail to break through, since the TA rules do state that a symmetrical triangle is a continuation pattern. So we will pop down to the huge support that sits at $6,000 for BTC
That will probably rally out and hit our 3 month consolidation line, and potentially send us back down and through the $6,000 support.