#BTC Breakout Incoming, Are you ready?

12. Juli 2020

Welcome to this quick update guys.



My mid and long term bias is bullish but I will explain both the bear and the bull scenario here.

According to the fractals and indicators like BB shows that a move is incoming in bitcoin.
BB is getting tighter which means we can see a major move anytime soon.
So we should be ready for both the outcomes.
Let’s look at both the scenarios:

Bearish Scenario:
BTC is trying hard to break above the 50D MA. Currently its trading below it which is a bad signal.
Ascending triangle with scam wicks to the upside.
Volume is low
There’s a 60% chance we can see a breakdown to the 8900 or even lower.

Bullish Scenario :
After the halving we have always noticed a lot of sideways action from BTC which is the basic reason why alts are rallying.
Currently BTC is trading under a channel (Green) with the lower support being tested right now.
A bounce will likely take BTC to 9600.
If we break the 9600 area soon there’s a big chance that it can retest 9.8k level which is a resistance now.
Breaking that level could bring more volume and BTC could break that 10k mark daily.

Though I will asses this update around the Monday open of the legacy market.

Conclusion and what my plan is:

My major plan is just to hold BTC. I don’t want to miss out of the bull run which is imminent (sooner or later). If we see a dip I will be more than happy to buy more.

Tell me what your plan is in the comment section,
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