- The bitcoin market has been range-bound over the last week and a half and is now seeing consolidating volume and a consolidating price structure.
- The consolidation within our current range is forming an ascending triangle with a $500 move to the upside and a price target of around $10,000.
- However, a failure to break out to the upside can also have a $500 move to the downside and would have the market targeting a price of $8,700 on the support below.
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Aerospace engineer turned crypto-market analyst. Bitcoin Schmitcoin became popular within the subculture of the Reddit communities and now posts his daily thoughts and market outlook via Twitter and his regular stream on Twitch.tv.Bitcoin Schmitcoin on Twitch.tvBitcoin Schmitcoin: YouTube