Good morning everyone, i need to write this BTC update as things are starting to look very interesting.
Bitcoin has had some very very interesting price action recently and i want to explain why. First of all, the symmetrical triangle which i have been calling has finally had its upper resistance line broken, which should now act as a support like it currently is. As well as this the descending triangle which i have drawn out has also been broken, that should also act as support.
Now lets have a little bit of a closer look and use the 4hour chart over the daily chart. Now you can see just how perfectly BOTH descending and symmetrical triangle are acting as supports for the price. These are triangles which i have had drawn since over 10 days ago (go back to my previous posts) As well as this, we now have the Moving Averages as support also, if these hold then we could a more bullish outlook on BTC forming within the market.
Now lets talk about the resistance BTC is facing. BTC is currently hovering below the 100DMA and above the triangle upper support lines, the 55DMA and the 21DMA, if BTC can get above the 100DMA, then the next resistance it faces is at around $6,750 which has been a strong resistance in the past for BTC.
I think we all need to keep a very close eye on BTC, maybe we could be due in for a bullish November and December. Let me know what you think below and Upvotes and follows are always greatly appreciated! Thankyou!
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Disclaimer: I am not a financial advisor and any of my content should not be taken as financial advice. The information and content provided is purely my own thoughts and intended for informational and entertainment purposes only. This is not investment advice. If you want to invest you should consider consulting with a professional beforehand.