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Long Term Bitcoin Analysis
Looking at the BTCUSD pair it looks like the price will continue to fall after some consolidation in the triangle.
The most probable scenario (presented):
The price of Bitcoin will continue its consolidation in the descending triangle. Base on the technical analysis, in most cases this is a continuation pattern and the price should break the bottom of the triangle. If this will happen the next level for BTC price will be the area of 9400-9100 which is the reference bar and the July Point of control. This will be a nice area to re-accumulate bitcoin and a potential horizontal channel.
The alternative scenario:
If the market will show some strong support in the region of $10200, then we may see the breakout to the upper side of the channel. This should be accompanied by the increase in volume and the re-set of RSI indicator above 50.
BTCUSD pair it looks like the price will continue to fall after some consolidation in the triangle.The most probable scenario (presented):
The price of Bitcoin will continue its consolidation in the descending triangle. Base on the technical analysis, in most cases this is a continuation pattern and the price should break the bottom of the triangle. If this will happen the next level for BTC price will be the area of 9400-9100 which is the reference bar and the July Point of control. This will be a nice area to re-accumulate bitcoin and a potential horizontal channel.
The alternative scenario:
If the market will show some strong support in the region of $10200, then we may see the breakout to the upper side of the channel. This should be accompanied by the increase in volume and the re-set of RSI indicator above 50.
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