Bitcoin USD Pattern Analysis
Updated
Guys! looking at a short term period, in either 30minutes or 1hour chart. It is creating symmetrical triangle pattern. With this pattern, we will have a higher tendency chances of breaking upwards. There is 3 touching points on both sides that will give this pattern a higher chance of that breakout.
If this breakout take place, our next target should be around 24.5K but if only we can break our previous resistant at 24K. If it fails to break that 24K mark, it will probably bounce back down and to create another pattern from there.
Bullish News: Microstrategy bought 650M worth of bitcoin. Google Microstrategy, it should be showing at one of the top result.
Note: Usually this timeframe is too small/short to get the estimation of what bitcoin will do but as we know, bitcoin gives us surprises from time to time.
Note 2: Not a financial adviser here, please make your own homework if you want to trade here
If this breakout take place, our next target should be around 24.5K but if only we can break our previous resistant at 24K. If it fails to break that 24K mark, it will probably bounce back down and to create another pattern from there.
Bullish News: Microstrategy bought 650M worth of bitcoin. Google Microstrategy, it should be showing at one of the top result.
Note: Usually this timeframe is too small/short to get the estimation of what bitcoin will do but as we know, bitcoin gives us surprises from time to time.
Note 2: Not a financial adviser here, please make your own homework if you want to trade here
Note
See comments section for updated Chart:After an hour, bitcoin is still moving sideways and it is still creating the symmetrical triangle. So I updated the triangle to touch the bottom wicks to give it additional accuracy to this analysis
Note
Still a beginner here and I will have to admit wrong here. In a downward trend this pattern signifies a bearish pennant which also means we will be breaking down instead of a breakout. We probably need more data to be collected but the chances of a breakdown is much imminent here which will bring us to the price target of 21.2K after breaking through our previous support at 21.9K (yesterday's lowest low)Thanks to umiispam for the correction in the comment below.
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