BITCOIN Symmetrical Triangle Ready For BREAKOUT!! 42.5K OR 38K?!
In yesterday's post, I mentioned that Bitcoin was forming a diamond pattern. That pattern, however, never played out as we did not have a strong confirmed breakout either to the upside or the downside. That diamond pattern has morphed into more of a symmetrical triangle pattern, and one that is getting close to the apex, meaning that it is getting close to a breakout (Of course, just as with the diamond pattern, we will be waiting for a confirmed breakout to trade and if there is no confirmed breakout, we won't put in a trade, and will indeed monitor to see what new market structure or trade pattern forms).
Bullish Scenario: If price breaks the triangle to the upside, then the target would be the range high of 42.5K. It will then be very interesting to see if price can break through that or get rejected for a strong correction.
Bearish Scenario: If price breaks the triangle to the downside, then the target would be around 37.7K, and we would get close to the 200MAs on the 1H TF, which could be a place for price to bounce. If we get to 37.7K and hold at the 200MAs, then that could be the higher low needed for another large move up to break 42.5K range high.
Check out my daily videos for more in-depth technical analysis and trade setups for Bitcoin, Ethereum, and Altcoins.
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As always, I’m not a financial advisor, all information presented is for educational purposes only and not meant as financial or investment advice, do your own research, and stay safe!
Bullish Scenario: If price breaks the triangle to the upside, then the target would be the range high of 42.5K. It will then be very interesting to see if price can break through that or get rejected for a strong correction.
Bearish Scenario: If price breaks the triangle to the downside, then the target would be around 37.7K, and we would get close to the 200MAs on the 1H TF, which could be a place for price to bounce. If we get to 37.7K and hold at the 200MAs, then that could be the higher low needed for another large move up to break 42.5K range high.
Check out my daily videos for more in-depth technical analysis and trade setups for Bitcoin, Ethereum, and Altcoins.
Why follow?
1. Community of Technical Analysts sharing analysis and trades
2. Live tracking of whale wallet movements
3. Live update of the latest important news
4. Live syncing of popular crypto tweets
5. Ebook covering how to be profitable in the cryptocurrency market
As always, I’m not a financial advisor, all information presented is for educational purposes only and not meant as financial or investment advice, do your own research, and stay safe!
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