A day after the launch of Bakkt, the bitcoin course has not yet delivered the promised fireworks. On the contrary, on Monday 23 September the value of bitcoin fell by approximately four percent.
Actually that is not so strange, because the course of bitcoin is still moving nicely in the triangle that we have been discussing for some time. But what will happen if bitcoin breaks out of the triangle?
Don’t feel like reading? No problem! In seven minutes Axel catches up on the race and the latest news:
Large triangle, large outbreak
According to the booklet, the outbreak from a triangle is the same as the difference between the bottom and the top of the open part of the triangle. And that difference is considerable, it comes to 4,300 euros:
Let’s assume that bitcoin waits until the last moment to break out. In that case there will be a major price movement in mid-October. What can we expect? We describe three scenarios:
Scenario 1: Bitcoin price drops to 4,800 euros
We start immediately with the most pessimistic scenario, then we have had that too. Suppose the bitcoin rate breaks out at the bottom of the triangle and the rate drops by 4,300 euros. In that case we can expect a decrease towards 4,800 euros. The good news is that the race can find support there. We indicate this zone on the graph with the green bar.
Scenario 2: Bitcoin price finds support at 8,050 euros
In the neutral scenario, bitcoin also breaks out at the bottom of the triangle. The rate does not fall through the lower limit, but finds support on the 200-day Moving Average (MA). That is the green line on the graph above. The 200-day MA is often a bull market support, so that may be the case this time.
In that case the bitcoin rate finds support at 8,050 euros and gradually rises from there.
Scenario 3: Bitcoin price rises to 13,250 euros
The most wanted scenario in the crypto world is that the value of bitcoin jumps up like a rocket. If the price target of the triangle is achieved, then we can expect a price of 13,250 euros. That means that bitcoin will soon reach the highest value of 2019.
I can now hear you thinking: “Nice Frank, it can go either way. What do I have to do with this?’. With the information from the article you can keep an eye on the moment of outbreak. Is that at the bottom or at the top? And does bitcoin find support on the 200-day MA or not? From there you can then decide whether it is a good time to buy or sell bitcoin.
What do you think the bitcoin price will do soon?
Related posts:
Why do cryptocurrency Exist – Institutions 
Bitcoin and independent property rights 
NASDAQ on market manipulation: Everyone is now talking about regulating bitcoin and cryptocurrency 
Pilot Porsche on Ethereum blockchain to trace provenance materials 
Xfers from Singapore is going to use blockchain Zilliqa 
Make your own tokens with the Guarda wallet
