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Bitcoin Price Analysis
As we can see in the graph, the rebound at the base of the triangle was without volume, so the price went down through that base. The price made a pullback to test what was previously support, and now resistance, bringing the price back to test the area of $ 6000. As we can see in the analysis, with the possibility of a double floor (marked with rectangles), the price will again test the resistance of the base of the triangle. At this point, two scenarios are proposed:
Option A: The price breaks the resistance with volume. In that case the price would go up to the area of $ 12,000, which is an important resistance
Option B: The price rebounds in the resistance and in the fall appears great volume of sale. In this case the price will go to look for an important support that has been upward trend and has respected since it began in August 2015
As we can see in the graph the Bitcoin (BTC), since November of last year it has been forming a triangle. I have pointed out the points where the price bounced up with a large volume, which indicates that the base of the triangle is a strong support in which a lot of money comes in.
These formations tend to be an indicator of continuation of the trend, and as we see in the chart below the main trend is bullish. These next days will be key to see if it supports the support. If so, in the next attempt to break the resistance of the upper part of the triangle, it will do so with great volume and catapult the price of the BTC.