Hello Traders, here is my analysis for BTCUSD .

Another day has past and really nothing has changed with BTC over the past 24 hours. BTC is still trading within the same range that I spoke about in my post yesterday, so the same technical analysis still applies.

**There has been one new development to keep an eye on, and that is the triangle formation that BTC has formed.
– I first noticed it a couple days ago, but at the time I couldn’t tell whether BTC was trading within the Support & Resistance zone or if it was now trading within the triangle formation.
– It’s quite clear that it’s definitely trading within the triangle formation now…

So what does this mean from a technical standpoint?
– This means a breakout (or Breakdown) is inevitable in the coming days.
– As you can see price is becoming wedged, smaller and smaller in this formation until eventually the pattern breaks.
– Similar to Support & Resistance , whichever way price breaks will signal a strong buying or selling presence towards that direction.
– This will give us a good idea of what BTC’s following move will be.

– If price breaks the triangle to the upside = BTC is short term Bullish
– If price breaks to the downside = BTC is short term Bearish
***I measured from today to where the triangle meets and there is only 3 days to that point. That means a move should happen within 3 days.

What happens next if BTC breaks the Triangle to the upside?
– If BTC breaks the triangle to the upside, that is very positive in the short term for BTC .
– I would expect BTC next to target resistance at $31.4K
– It’s possible that the excitement and momentum from BTC breaking the triangle will be enough to help BTC finally break resistance at $31.4K
– If $31.4K is broken the next target will be $33K.

***Remember, the more times a support or resistance level is hit the weaker it gets. Just imagine that you are trying to break through a wall with a sledgehammer, you’re probably not going to be able to knock it down the first few hits. But after 4 or 5 hits the wall becomes very weak and finally breaks.

Thats it for todays analysis, thanks everyone and best of luck trading!