Triangle - Break-out or Bear
It looks like Bitcoin is forming a triangle. Volumes are declining and prices are bouncing within the trend lines.
Breakout
If BTC breaks out, a strong resistance line should form at the 61.8% line from the top wave at $16780. Buying below this value is risky. If this resistance doesn't hold, BTC should have a good run up to the all-time high of $19900. Good buying opportunity and profit taking keeping an eye on what's going to happen next.
Bear
If BTC crosses the lower trend line, our next strong support line is at $10950. If that support line doesn't hold, there's a good potential it will turn into a bear market and drop all the way down to possibly the $8000 range.
DISCLAIMER:
I'm not a financial advisor. I'm just sharing my thoughts from the way I see the market. Your trades are your own responsibilities. Always trade responsibly and only money you can afford to lose.
Strong analysis. In my opinion this is a pivotal time for Bitcoin in terms of, as you have pointed out, whether it goes up or down substantially from here. It certainly is in some sort of a triangle pattern (depending on what exchange chart you look at, some expanding triangles, some symmetrical triangles).
I personally believe the pattern(s) it is in right now will serve to act as a continuation of the preceding massive upwards trend, but of course I could be wrong! Anyways, I followed you to for more posts like this in the future.
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