DrJLT

BTCUSD looking to break down (or out?) correct range

BITFINEX:BTCUSD   Bitcoin / Dollar
Bitcoin has been trading roughly in the grey range.

It doesn't seem to have the strength for a meaningful breakout. On the contrary, this time it touches 15.5k, without a breakout we may see bitcoin instead seeking support. This also forms a triple top.

If it goes down to the lower end of the range, bitcoin will also touch its mid-term trend line (since Nov). I'd expect it to gather enough strength to break out of the current range and above 16k.

On the other hand, if it falls below the trend line , we'll be seeing 9k again. Although I think 2:1 odds this won't happen (maybe even higher).

Kommentar: current range, I meant to type "current"
Kommentar: Bitcoin stays in the green channel --- very interesting. Most likely it'll go up from here. However, it remains possible for it to go back to the grey range until the previous high is surpassed.
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