$BTC Analysis Update:

This is a follow up analysis from my earlier post yesterday on the possible direction of Bitcoin. This analysis was done on the 4 hour time frame for a more detailed insight. 

Visible now on the 4 hour frame is a symmetrical triangle pattern which has formed at the resistance level of $94,700. What does this mean?
It means that there is a 50/50 chance of an uptrend or downtrend. When a symmetrical triangle pattern is formed, the chart can swing either way from the point of breakout. But I'm of the opinion that BTC will break to the downside and here's why:

1. Th current price level is a resistance which has lasted for more than 48 hours.
2. There's a clear need for more liquidity before the market can continue it's current rally towards the upside.
3. Lastly, there's has been a higher selling pressure since BTC hit $95,000.

When can you BUY?
Taking a look at the chart suggests that a good point to buy would be the closet support area at $85,000 -$86,000. This of course would need some confirmation before buying, which I will update in a later analysis.

Share your thoughts in the comments below! 💬👇 Let's discuss! 👉 Like and comment with your own insights 📈💡

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