Technical Analysis on Bitcoin: Something needs to happen!

Bitcoin has formed a symmetrical triangle pattern and both a breakout and a breakdown could happen. I could see it breakout this time, because the 6000$ level has proven to be a very good support for us and breaking below this level will result in a further and longer 'correction'. Right now we're hovering between the Ichimoku's Tenkan (good support in the last few days) and the 55 day MA (light blue).

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Another look at the chart with the base line being a horizontal line, both patterns are working. We can see the divergence on the RSI: the bounces on the ~6100$ line are not confirmed by the RSI, which indicates higher lows in all cases. This could be seen as a bullish divergence.

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However, looking at the bigger channel, we can see that we're approaching once again the upper, descending trend line, which acted as our resistance many times before. So yes, something need to happen. It must. Taking another hit with such long, red candles and great Volume like in January or March, could bring us to the 5100$ range, at the lower descending trend line.

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These are some of the exchanges I use. Here you can find the coins I'm talking about:

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• Bitfinex - my most used exchange
• Binance - most popular exchange
• Kucoin - excellent exchange, rising in popularity
• Gate - for small cap / new coins
• Huobi - margin trading
• Coinexchange - big variety of coins

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Thanks for reading and safe trading!✌

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