BTCUSD Technical Analysis courtesy of our coolest portfolio manager 👊😎

#BITCOIN REACHES APEX - Next big move imminent

OVERVIEW:
Bitcoin has been trading in a downtrend since the collapse off the record high in December 2017. However, volatility has come off dramatically throughout 2018, with the price action taking the form of a triangle. Dips have been very well support below $6,000, while rallies continue to find lower tops along the way. The result is a market that now trades at the apex of a massive triangle.

TAKEAWAY:
This is significant, as it warns that the next big wave of volatility could be imminent. Clearly, with the downtrend intact, the expectation is the surge in volatility will translate to the downside, with a break below the 2018 low in the $5,750 area exposing the September 2017 low around $2,975. If however the market can remain supported above the 2018 low and push back above the August lower top around $7,400, this would be constructive and could open the door for a bullish structural shift.