BTC analysis – 26 August

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·@bitbrain·
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BTC 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&nbsp;<a href="https://twitter.com/workin2005">Working2005</a>&nbsp;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&nbsp;<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>
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<a href="https://www.binance.je/?ref=35009796"><img src="https://old.trybe.one/wp-content/uploads/2019/08/Binance-Jersey.png" alt="" /></a>
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