Papa Bear is proving to be ‘worth its weight’ at present and it’s almost ready for a name change.

BTC has been printing higher lows since hitting our long-awaited target, and it fits a bullish scenario – as long as it can continue to do so.

Bitcoin’s more recent sideways price action is resulting in a tightening of its Bollinger Bands which means only one thing – it’s next move is going to be spectacular. It can quite comfortably retrace to the USD$8900-9000 level (marked with a red horizontal line) without repercussions either way.

Over the past month or so there have been signs of accummulation, though it could still head either way. The purple curve drawn on the chart shows a gradual weakening of price action to the upside. Should bears prove to be stronger, I would expect one of Papa Bear’s signature drops. Bearish momentum would be indicated by a drop below the red horizontal line – creating a
lower low – followed by a lower high and an ensuing downtrend.

Should bulls win this round, we can expect short-term gains in the vicinity of 10-20%. A bullish scenario should play out to our Expanding Triangle analysis at a minimum (did you miss this private analysis we shared on Telegram and Twitter?)

Update 28 July 2020

Target hit and beyond.