Bitcoin feels some love this year (from 3700 to 13K and now at 10.3K) but has been chopping sideways into a sideways triangle over the last three months. Typically, a fake-out move will occur one-half to two-thirds of the way through the triangle and this occurs. Bitcoin breaks out higher, above the top triangle trend line, in early August. Sure enough, it was a fake-out, and price returns inside the triangle and collapses out the lower side. Bitcoin comes up for the back kiss and just begins to roll over to the downside so it may be a successful back test for the bitcoin bears and sadness for the bitcoin bulls.
The vertical side of the triangle is from 8500-ish to 13000-ish; call it 4500 points. Thus, a breakdown from 10.5K will send bitcoin to 6.0K. If the bitcoin bulls can save the day and send bitcoin higher, above 10.8K, the upside breakout would target 15.0K. Bitcoin is making a big bounce or die decision right now at the apex of the triangle. Bitcoin bears have the upper hand currently. Trouble occurs under 10K. If 9500 is lost, goodnight Irene, Irene goodnight. Keystone does not own any bitcoin. This information is for educational and entertainment purposes only. Do not invest based on anything you read or view here. Consult your financial advisor before making any investment decision.
Note Added 8:20 PM EST: Bitcoin is at 10141.
Note Added Wednesday Evening, 8/28/19, at 8:36 PM EST: Bitcoin collapses through 10K to 9688. Irene is whispering to bitcoin to kiss her at 9500 support and make a critical bounce or die decision.
Note Added Friday Morning, 8/30/19, at 5:23 AM EST: Bitcoin drops to 9500 now printing at 9554 making its critical bounce or die decision. If you are in bitcoin, flip a coin, heads you win, tails you lose.
Note Added Saturday Morning, 8/31/19: Bitcoin is at 9575 continuing to kiss support and make that critical bounce or die decision.
Note Added Monday Morning, 9/2/19: Bitcoin bounces to 9851.
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