Bitcoin Algorithm Report #0001

“It’s a Trap!”

Welcome to the first in a weekly Sunday night series of Bitcoin Algorithm Reports, in which we analyse Bitcoin’s price action and predict what comes next.

Short term (within the next 2-3 weeks)

Bitcoin has stalled after a period of coiling price action. The near term structure remains bullish and is best described as a cup and handle pattern (or perhaps an awkward right shoulder forming within a larger base).

Here are some key levels that define the current range:

• There is an ascending trend line of higher lows (which sit around $63,000). This line connects multiple pivot lows and acts as the make or break support line for the bullish short term trading setup.

• Horizontal resistance / breakout trigger (which sits at the recent pivot high of around $67,000). A break above this would see us move higher.