BITCOIN WEEKLY CHART ANALYSIS

Hello,

In the weekly BTCUSD chart we have a huge descending triangle that is near to its disclosure.
According to the technical analysis of the chart, if the outcome is typical, the price should reach a value around 3k dol. This price corresponds, coincidentally, with a very strong resistance point, which will probably become support.
This price of 3k dol, would most likely lead to the RSI value to enter oversold terrain. The BTC only entered this field in January 2015 and recovered from there.
There is the possibility of an intermediate bounce around 5k dol considering that there is a fibonacci line, as well as a relevant resistance point at 4975 dol, as well as the RSI will be oversold on the daily chart.

Best regards,

Alexandre Simões