Bitcoin: Another movement Up
Currently, in the chart presented above, there is a symmetrical triangle, something that has occurred on various altcoin charts, if bitcoin can break to the upside of this symmetrical triangle, it is likely there will be another run to the upside for the entire crypto community, however, it is important to note that most charts against BTC are bearish, so it is most likely better to invest/trade with bitcoin at the current moment.
There was a symmetrical triangle within the RSI representing the symmetrical triangle of the price action, the symmetrical triangle on the RSI has broken the upper trendline, however, this break needs to be confirmed by price action, otherwise, it is likely a false break. In addition, the RSI should not be given more credence than price action itself. Another important thing to note is that the RSI bounced off of 35 which is still within the bullish range.
As for the symmetrical triangle on bitcoin itself, an upward break would be denoted by a break and consolidation above the upper trendline of the symmetrical triangle or we will see a convex curve to the upside with accelerating price rise. A bearish break will most likely occur with a bull trap, or a concave curve to the downside with accelerating price fall.
Generally, in most books, the symmetrical triangle has a 50/50 chance of breaking either direction.
Note: I am still waiting for a retest of 14k, and my approximate analysis would give a retest approximately 16/23 or ~70% chance of occurring.
The symmetrical triangle:
Previous Analysis:
There was a symmetrical triangle within the RSI representing the symmetrical triangle of the price action, the symmetrical triangle on the RSI has broken the upper trendline, however, this break needs to be confirmed by price action, otherwise, it is likely a false break. In addition, the RSI should not be given more credence than price action itself. Another important thing to note is that the RSI bounced off of 35 which is still within the bullish range.
As for the symmetrical triangle on bitcoin itself, an upward break would be denoted by a break and consolidation above the upper trendline of the symmetrical triangle or we will see a convex curve to the upside with accelerating price rise. A bearish break will most likely occur with a bull trap, or a concave curve to the downside with accelerating price fall.
Generally, in most books, the symmetrical triangle has a 50/50 chance of breaking either direction.
Note: I am still waiting for a retest of 14k, and my approximate analysis would give a retest approximately 16/23 or ~70% chance of occurring.
The symmetrical triangle:
Previous Analysis:
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.