BTC squeezing for a big move
Updated
Since June, BTC has been squeezing within a descending triangle, a pattern inherently bearish in its character. Nevertheless, a noteworthy bullish shift in momentum has transpired across all time frames. The price tested the upper resistance boundary of this triangle and broke through on the lower time frames. It is to be seen if this is just a deviation.
On the lower frames, BTC has exhibited a marked increase in volatility. A breakout from the triangle pattern will lead to more pronounced volatility.
An upward break in the 45 degrees Gann line ensures a bullish price trajectory, potentially paving the way for a robust bull market and all-time highs. A crypto bull market is likely to be concurrent with the depreciation of the US dollar and an upswing in both gold and oil prices.
On the lower frames, BTC has exhibited a marked increase in volatility. A breakout from the triangle pattern will lead to more pronounced volatility.
An upward break in the 45 degrees Gann line ensures a bullish price trajectory, potentially paving the way for a robust bull market and all-time highs. A crypto bull market is likely to be concurrent with the depreciation of the US dollar and an upswing in both gold and oil prices.
Note
Big move upward.Note
2nd target is hit.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.