The converging triangle signals a breakout any time between now and the 13th, with the 9th been the most likely date. It’s a possible bull pennant, but hard to tell due to recent volatile price movements. With the triangle itself tending towards descending, but not definitively so, the direction of the pending breakout is therefore uncertain.
A downwards break would encounter (fairly weak) support between $16500 and $15700.
An upwards break will surely reach the hallowed $20000 region, location of the previous ATH, whereupon it will encounter heavy psychological resistance. If $20k DOES break, all bets are off.
BTC is trading approximately $5000 above the level of my Long-term Base Trendline, indicative of very mild levels of hype. Without further price movements, the trendline will require six months to catch-up before it can continue to force prices higher.
I have done considerable work on refining my Long-term Base Trendline lately, and have made substantial and exciting progress in that regard. I aim to write a post about that soon, but I have a couple of other topics to share with you first. 😉
Yours in crypto
Bit Brain
All charts made by Bit Brain with TradingView
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