Bitcoin Triangle fractals suggest bitcoin should drop to 7700$
Bitcoin is testing Key resistance at 8200-8400$ from the last three days, the more time price stays close to resistance, the chances will be increased for break down.
MACD is suggesting a further drop, and the price is currently just trading above 21MA on 4H, Losing of 21MA will push the price down further to the next support at 7500-7700$.
We can spot two triangle breakdowns on the chart that happened in the last two months. Price dropped around 13% and made new low during the first break down, and price made higher low during a second breakdown which creates a bullish structure of higher highs and higher low.
Price is again trading inside a similar triangle, and I am expecting a breakdown but also wanted to see price holding support above 7500-7700$ and consolidate above that for few days before a significant bounce, and an ultimate breakout above 9000$.
Also note: The 7500-7700$ area is also a 21MA on the daily timeframe.
MACD is suggesting a further drop, and the price is currently just trading above 21MA on 4H, Losing of 21MA will push the price down further to the next support at 7500-7700$.
We can spot two triangle breakdowns on the chart that happened in the last two months. Price dropped around 13% and made new low during the first break down, and price made higher low during a second breakdown which creates a bullish structure of higher highs and higher low.
Price is again trading inside a similar triangle, and I am expecting a breakdown but also wanted to see price holding support above 7500-7700$ and consolidate above that for few days before a significant bounce, and an ultimate breakout above 9000$.
Also note: The 7500-7700$ area is also a 21MA on the daily timeframe.