BTC analysis – 26 August
bitcoin·@bitbrain·
0.000 HBDBTC analysis – 26 August
<center>https://mentormarket.io/wp-content/uploads/2019/08/Bit-Brain-image-2.png</center> <br/><p>Until now I have been analysing the BTC movements from late June to date along these lines:</p> <p>(Taken from <a href="https://old.trybe.one/archives/btc-beginning-of-the-week-analysis/">this</a> 5 August post):</p> <img src="https://mentormarket.io/wp-content/uploads/2019/08/26a-1024x629.png" alt="" class="wp-image-58540" /><br/><i> From https://old.trybe.one/archives/btc-beginning-of-the-week-analysis/ </i> <p></p> <p>But the price movements of the last few days are indicating that a channel (or possible flag) may not be the correct way to view BTC at the moment.</p> <p>Instead, BTC now looks to be limited by the rising base of a converging triangle, as opposed to the descending base of a channel:</p> <img src="https://mentormarket.io/wp-content/uploads/2019/08/26b-1024x634.png" alt="" class="wp-image-58541" /><br/><i> Made by Bit Brain with TradingView </i> <p></p> <h2>Scenarios:</h2> <p>The triangle itself is neither inherently bullish nor bearish, so in isolation it tells us nothing about the direction of future price movements. What it does do is give us a time: soon. Price is already in the breakout zone of the triangle, and should breakout any time between now and mid-September.</p> <p>Previously I was of the opinion that the channel was probably part of a larger bull flag pattern.</p> <img src="https://mentormarket.io/wp-content/uploads/2019/08/26c-1024x627.png" alt="" class="wp-image-58542" /><br/><i> From https://mentormarket.io/cryptocurrencies/bit-brain/bitcoin-possible-next-moves/ </i> <p></p> <p>But now it looks more likely to be a bull pennant:</p> <img src="https://mentormarket.io/wp-content/uploads/2019/08/26d-1024x625.png" alt="" class="wp-image-58543" /><br/><i> Made by Bit Brain with TradingView </i> <p></p> <p>But now it looks more likely to be a bull pennant:</p> <p>Since these two patterns predict the same bullish outcome, this doesn’t fundamentally change my medium-term outlook. This may make a difference to those trading the pattern, but as my blogging is generally geared towards investors, I consider that to be beyond the scope of this post. If you are a trader, then take a look at the posts or videos of an analyst such as <a href="https://twitter.com/workin2005">Working2005</a> who regularly discusses crypto trading.</p> <p>For my part I am not ready to see this “2019 bull run” continue yet. As I discussed in my recent <a href="https://mentormarket.io/cryptocurrencies/bit-brain/crypto-market-cycles-part-2/">“Crypto Market Cycles” series</a>, I am still expecting a drop before we have another rise. This is somewhat contrary to what a bull pennant may indicate, but I have my reasons for saying so.</p> <p>Volume is declining slowly but steadily, which puts BTC at risk of a sudden drop. Such a drop would tie in nicely with the information I discussed in “Crypto Market Cycles”, where I showed BTC to be trading at a higher price than what we would expect for a low-hype market:</p> <img src="https://mentormarket.io/wp-content/uploads/2019/08/21c-1-1024x621.png" alt="" class="wp-image-58544" /><br/><i> From https://mentormarket.io/cryptocurrencies/bit-brain/crypto-market-cycles-part-2/ </i> <p></p> <p>I addition to this, I still believe that the current price movement (of the last couple of months) strongly resembles those of 2017:</p> <img src="https://mentormarket.io/wp-content/uploads/2019/08/26f-1024x628.png" alt="" class="wp-image-58545" /><br/><i> From https://mentormarket.io/cryptocurrencies/bit-brain/bitcoin-possible-next-moves/ </i> <p></p> <p>…meaning that a strong and sudden dip could well occur soon. I am expecting such a dip. It is only after such a dip that I expect prices to climb again – as predicted by a bull pennant. This won’t necessarily be a “bull run” per se – just the following of the general BTC base trendline further upwards.</p> <p>The bull run has yet to come…</p> <h3>Yours in crypto<br>Bit Brain</h3> <img src="https://mentormarket.io/wp-content/uploads/2019/08/Coin-line-mini-1.png" alt="" class="wp-image-58537" /> <blockquote class="wp-block-quote"><p>“The secret to success: find out where people are going and get there first”<br>~ Mark Twain</p> </blockquote> <blockquote class="wp-block-quote"><p>“Crypto does not require institutional investment to succeed; institutions require crypto investments to remain successful”<br>~ Bit Brain</p> </blockquote> <img src="https://mentormarket.io/wp-content/uploads/2019/08/Coin-line-mini-1.png" alt="" class="wp-image-58537" /> <p><strong>Bit Brain recommends:</strong></p> <p><strong>Crypto Exchanges:</strong></p> <a href="https://www.binance.com/?ref=10191168" target="_blank" rel="noreferrer noopener"><img src="https://old.trybe.one/wp-content/uploads/2019/08/Zskj9C56UonWToSX8tGXNY8jeXKSedJ2aRhGRj6HDecqrfG75nEuWTSbSaEkmfZbawd2zs2sKLRwv7TS6ibxXfrsdTiZoDKp4w9N7x2rWEhGSCvHwZK4.png" alt="" class="wp-image-2564" /></a> <a href="https://www.kucoin.com/?rcode=E39MoQ"><img src="https://old.trybe.one/wp-content/uploads/2019/08/Zskj9C56UonWToSX8tGXNY8jeXKSedJ2aRhGRj6HDecqrebmFK2G4rzJ4qQsoVL6H1kVyXCx3xnxFwb4iN5Ne4buSBf9pvovt8wux3RvgMGdkXKs9yki.png" alt="" class="wp-image-2563" /></a> <a href="https://www.binance.je/?ref=35009796"><img src="https://old.trybe.one/wp-content/uploads/2019/08/Binance-Jersey.png" alt="" /></a> <a href="https://nash.io/referrals?code=gccgEg" rel="Nash referral link"><img class="wp-block-image" src="https://mentormarket.io/wp-content/uploads/2019/06/Nash.png" alt=""></a> </br> <p></p> <hr /> <center><em>Published by <a href="https://mentormarket.io/profile/?bit-brain/">Bit Brain</a> </em></p> <center><em> on </em> <center><a href="https://mentormarket.io"><img class="size-full wp-image-2374 aligncenter" src="https://mentormarket.io/mentor/wp-content/uploads/sites/2/2018/11/150-blue-Overlay-6.png" alt="" width="150" height="40" /></a></center><center><em>with <a href="https://wordpress.org/plugins/steempress/">SteemPress</a></em></center><center><em>https://mentormarket.io/cryptocurrencies/bit-brain/btc-analysis-26-august/ </em></center> <hr /> <p style="text-align: center;"><a href="https://mentormarket.io/about/terms-of-service/"><img class="alignnone size-full wp-image-2373" src="https://mentormarket.io/mentor/wp-content/uploads/sites/2/2018/11/Disclaimer.png" alt="" width="750" height="125" /></a></p>
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