BTC/USD Long Term Technical Analysis - 2016/09/19 [SmartCryptoCoin]

Hello everyone!

This is my first Technical Analysis on Steemit and will be concern BTC price (long term).

1 Day Bitstamp chart - 2016/09/19

Zoom

Currently, Bitcoin is consolidating in the yellow outlined ascending triangle between $650 and $550 but pending a retest of previous support turning resistance at $650. Once $650 we have two potential scenarios that can happen:

First scenario - Seen in YELLOW line on chart: After hitting $650 Bitcoin will drop back to $650-660 area to double bottom and increase to $790.

Second scenario - Seen in RED line on chart: Once $650 gets hit, Bitcoin will continue past that resistance after consolidating further and retest $790.

In any of the two scenarios the outcome is still a retest of $790 in the end.
From there we will be able to continue our journey way higher.
If we manage to hit $1000 Bitcoin could get higher due to increased media coverage and more interest / hype that will bring new money in to the market.

Have a good day & trading!

DISCLAIMER
I am showing multiple scenarios on the price movement, in the post itself I do not take any stance, either bullish or bearish. I am not responsible for neither you’re winning nor you're losses upon trading!
This is my personal opinion and doesn't mean I have to or do hold any positions in the given market.

Igor from SmartCryptoCoin