Bitcoin has been trading sideways in a contracting trading range since February of 2018. Price action has made it clear that key support is at 6000-5600$. Price has reached this zone more than six times since February and each time support was respected. Prices action that followed was a bounce……but each bounce was weaker and weaker making lower highs giving us a technically important downward sloping trend line resistance currently at 6860$.
Traders should be patient and wait for the triangle to make a confirmed break out. We do not know the direction before hand and there is no need guessing it. We will follow trend and take positions once we see the break out. Whichever direction the breakout is, we will have lots of room to move. Upper target is at 12k and lower target around 400-500$. Unreal? Maybe…I prefer to stay on the sidelines now.
Good luck everyone!!! and thank you for taking the time to catch up on my thinking
PS Here is the link for an interesting article worth reading