$BITCOIN, Analysing the Current Situation

From the previous posts we can remember how triangles behave with a horizontal support. Unfortunately, the previous idea went in a lesser priority direction and the price broke through the support, after which it fixes lower. Now those support levels have become resistance levels. The essence of the situation on the current market lies within the behaviour of the price in the areas of support and resistance of the triangle.

The price is already close enough to the top of the triangle, and we know that the more the price consolidates in the corner of the triangle, the stronger the impulse will be. In our case, the price priority movement is descending, since the peaks move lower and lower, and the support has a horizontal arrangement.

If the bulls manage to break through the resistance of the triangle and bring the price to levels above $10060+, then we can expect the continuation of the upward movement. If the price breaks through support, then we should await the continuation of the decline with a 90% probability.

Now the levels of $10060 and $10150 have become resistances, where large sales take place, namely from the level of 10060. Accordingly, a short position with a probability of 72%/28% of this point is prioritised. Long become relevant only after the breakthrough of both resistances, in which case these levels will become supports, as was mentioned earlier.

All of this tells us that we are trading in an unstable channel with double levels. Going beyond the high of the 10270 channel 100% guarantees continued growth. Exit from the 9930 channel <100% guarantees reduction. This ratio of probabilities tells us that the market is still bullish, but the current local situation may be decisive in this battle.