Bitcoin breakout coming shortly...
Bitcoin is still range bound, but not for long...
There is going to be a big move in bitcoin in the coming days, but it's unclear which direction it will go.
Bitcoin has been consolidating for a couple weeks now inside of a symmetrical triangle, with lower highs and higher lows along the way.
Check it out:
(Source: https://twitter.com/TheCryptoLark/status/1400232449653690370/photo/1)
In the near future the price is going to break out of this consolidation and move sharply one direction of the other.
The bears claim this is a bear flag, while the bulls say some reversion to the mean is likely with the 50 period moving average well above the current price.
My guess?
I am cautiously optimistic (as well as positioned) that the breakout will be to the upside, but wouldn't be shocked if it broke down.
If BTC were to lose $30k, it wouldn't be good for bitcoin hitting $100k this year.
Stay informed my friends.
-Doc
It appears to have broken out.
The breakout was to the upside.
Looking for more though.
Need a lot bigger move than this to confirm.
I'm surprised the price is not solidly over $40k already to be honest.
Seems like the price is still facing a lot of selling pressure.
The price just doesn't want to fly right now.
People going to need to be patient.
Could be a long summer.
Would like to see more support on these dips tho.