BTC formed a bearish triangle from the peaks of june 25 and july 9 (the Downtrend Line 1 represents the desceding side of the original bearish triangle; the base is the 9.1~9.3 support zone).
There was a break up of this triangle on September 12th. As it was a weak break up, I just redrew the triangle, now in yellow, considering previous failed attempts (august 6 and september 7) to break up the original triangle (see: related ideas).
Interestingly, the Dowtrend Line 1 and the descending side of the redrawn bearish triangle now form a descending channel - and BTC is respecting the boundaries of this channel (or is stucked on it) since semptember 12.
If this situation remains, BTC will proceed with its smooth landing in the 9.1 ~ 9.3k support level.
If this landing is really smooth, the touchdown will occur when the EMA 200 converges with the 9.1 ~ 9.3k support region (note on the chart: EMA 200 in purple and its dotted projection).
Everybody is wating for a decisive movement any time soon... But this movement (up or down) may occur just after the test of EMA 200 as a support.
I provided here a "soft landing scenario analysis". If you want to read an alternative analysis on what may be coming in the case of a break down of the 9.1~9.3k support level, I recommend this CryptoBullet analysis:
There was a break up of this triangle on September 12th. As it was a weak break up, I just redrew the triangle, now in yellow, considering previous failed attempts (august 6 and september 7) to break up the original triangle (see: related ideas).
Interestingly, the Dowtrend Line 1 and the descending side of the redrawn bearish triangle now form a descending channel - and BTC is respecting the boundaries of this channel (or is stucked on it) since semptember 12.
If this situation remains, BTC will proceed with its smooth landing in the 9.1 ~ 9.3k support level.
If this landing is really smooth, the touchdown will occur when the EMA 200 converges with the 9.1 ~ 9.3k support region (note on the chart: EMA 200 in purple and its dotted projection).
Everybody is wating for a decisive movement any time soon... But this movement (up or down) may occur just after the test of EMA 200 as a support.
I provided here a "soft landing scenario analysis". If you want to read an alternative analysis on what may be coming in the case of a break down of the 9.1~9.3k support level, I recommend this CryptoBullet analysis:
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