Bitcoin (BTC) Update - Technical Analysis January 19th

So I thought I'd start my technical analysis posts on Bitcoin, because after all, it's the fucking daddy. Pretty quick post to start, but each day I'll try and put up at least 4-5 in depth TA blogs a week. Stay tuned!

So today we are consolidating, and we're coming to a critical point where BTC can go either way. As you can see from my chart, we're forming an ascending triangle (shown in blue). If we break up we need to close above the horizontal resistance line around $11,950, and I would go as far as to say if we break 12k, we could be looking good. Big psychological number. From there it's on to 12,5k and perhaps on up to 14k *

*This is based on my analysis that if we break the resistance at 11,9k, we're transitioning into the 1st impulsive wave (1) and this could be the start of an uptrend.

If we break down, we could be heading down to test 10k again. Looking at the fibonacci retracement we seem to be getting some resistance around the 0.5 region. Just so happens that is around 10k. Coincidence? I think not, but I'll let you make your own conclusions.

Going on from breaking down to 10k, we could still actually be in our last corrective wave (C). This would mean our next test may be around 8k ($8720 is a good reference point).

With all that said, I'm holding out to see if we can break through the ascending traingle. If we do (we need a volume increase, and I'd like to see the RSI a little higher) we could get that 10% bump that we need to get altcoins rallying again. I don't trade BTC in these times, and I won't be entering positions in any altcoins until we see how this pans out.

I hope you enjoyed my quick analysis. I will try and create as much content as I can to help you guys, so feel feel to give me suggestions on blog posts, analysis, tutorials etc.

Lastly, if you are on Twitter, give me a follow at @traincrypto where I post condensed content that will hopefully help you guys out!

Peace.

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