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Bitcoin (BTCUSD) Testing 2 Month Plus Descending Triangle Resistance

Bitcoin (BTCUSD) continued consolidating this past week just above the psychologically key 10k whole figure level, and appears to be near completion of a descending triangle (on the daily and weekly chart). The daily and weekly chart triangle can be described as being a part of a bull flag about to resume higher, with any resumption of the bull market since the November low likely coinciding with Ripple (XRPUSD) and Ethereum (ETHUSD) reclaiming (after breaking a month back) major prior supports at 0.3 and 200 respectively.


Although the weekly Stochastics still droops down, the weekly RSI and MACD are showing early bottoming signs as they flatten. BTCUSD’s monthly chart still suggests that the June-August pullback has been merely consolidation within a major uptrend, as opposed to the beginning of a reversal of the uptrend since last December. A decisive continuation of the bull market is waiting for the weekly Stochastics to flatten, with the catalyst potentially being the highly anticipated Sep 23rd launch of BAKKT.


Bitcoin Fundamentals


Increasingly, BTCUSD is acting as a safe haven digital version of gold, seeing inflows on geopolitical conflict (e.g. the escalating US-China trade war, tension in the Middle East) and increasing devaluation pressures on fiat currencies (given the currency wars and race to negative interest rates even in the US treasury market). Source...

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