Re: Wall Observer BTC/USD - Bitcoin price movement tracking & discussion

So what happens now ?

Now we fall... Wink

Or just a bear trap. This is a classical falling wedge pattern btw.
https://en.wikipedia.org/wiki/Wedge_pattern
"When this pattern is found in an uptrend, it is considered a bullish pattern, as the market range becomes narrower into the correction, indicating that the downward trend is losing strength and the resumption of the uptrend is in the making. "
Since the creation of Bitcoin we are in an uptrend, so its resumption is in the making.
I expect a strong breakout soon. Moreover, any moment CFTC will approve ICE futures (the so called bakkt) which is with an actual buying of bitcoins. So we may see above 10K sooner than expected!

If we break out to $10k+ very soon, we're probably not going to hold that price point for long. It would most likely lead to lower lows (sub $5k).

I'd much prefer we go sideways for a while.

Sub 5K is too much. Even now the miners are with a very slim profit. At 5K only those who have free electricity (may be less than 1%) will have any profit in terms of cents. Once we are out of the falling wedge pattern, the trade differs of what we've had before. So even if we don't hold 10K for long, the correction will not be in the 6K area, but much higher - say 8K. Then the upward trend will resume until the next resistance and so on.