Bitcoin is nearing decision time: What's next for BTC? $9k or $6k?

26 May, 2019 | Updated: 26 May, 2019
by Will Heasman
Price Analysis
Bitcoin is nearing decision time: What's next for BTC? $9k or $6k?

After weeks of bullish action, some bearish pull backs and yet more bullish action, it seems Bitcoin is fallen to sleep, at least for now. While Bitcoin moves sluggishly sideways around $8k, Chepicap looks to the traders and analysts for their interpretation of what’s next for Bitcoin…

Currently, Bitcoin (BTC) is trading just above $8k citing a price of $8004 on Bitstamp:

BTC/USD Chart provided by Tradingview

However, how long can BTC realistically go before its trademark volatility strikes once again?

One skeptical analyst, known as Cantering Clark believes it's only a matter of time before this volatility returns, adding that the massive continuation patter currently being played out by BTC is “almost too convincing”

Another Analyst called the Cryptomist gave a more specific timeframe, relaying that they believe the 28th of May would bring some “action,” thanks BTC coming to the apex of identical pennant patterns within both the relative strength index (RSI) and BTC’s candlesticks.

The analyst suggested that a break upward would provide a price point of $8.4k-9.1k but that a downward break would see us hit the $7.2k – $6.8k.

One analyst known as XC, relayed that Bitcoin bulls need to hold above 7970 to avoid forming a lower high (LH):

However, in response, a fellow analyst suggested that BTC forming an LH wouldn’t really matter because of the ascending triangle that BTC is currently in.

A few other noted this ascending triangle, with one advocating that it will likely break upwards towards resistance:

So it seems, for now at least, we’re waiting for Bitcoin to make a decision, and being at the apex of the ascending triangle means that a volatile move up or down, should be imminent…

What do you think? Is Bitcoin heading up, or will we see a correction soon? Let us know your thoughts in the comments below!

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