5000
The current price action shows signs of weakness. The problem is in determining how low can it go. the current triangle makes me believe that in case of a breakout to the downside, the ultimate target would be 5000 USD. We have strong support in the 8000 USD area. On top of that a lot of new investors stepped into the market in september when the price was in the 5000 USD area, or were interested in investing but hesitated. It might be that 5000 is a psychological barrier that we were hovering around for most of the last year and this should make up a better support than 8000 which was not yet tested.
These kind of triangles tend to break out to the upside earlier, but this was in another market phase. None the less it is crucial to see the breakout. In which direction and on what volume does it appear. Often the price moves further sideways in indecision before the break occurs like with ripple in December, which erupted in the expected direction after the prolonged consolidation.
These kind of triangles tend to break out to the upside earlier, but this was in another market phase. None the less it is crucial to see the breakout. In which direction and on what volume does it appear. Often the price moves further sideways in indecision before the break occurs like with ripple in December, which erupted in the expected direction after the prolonged consolidation.
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