BTC - Ascending Triangle Hook (targets 50.4k, 51.7k)
Updated
One thing that has stood out as a pattern time and time again ever since BTC has shown signs of recovery is the ascending triangle hook pattern.
It starts with a normal ascending triangle, then breaks the support in a large red candle and consolidates. After a few sideways candles, appearing as a bear flag, it promptly shoots up and breaks the ascending triangle's resistance, forming a "hook".
Often times, you can see multiple of these within the same ascending triangle, with the hook just creating a deeper ascending triangle if it fails to break resistance.
On the chart, you can see two of these hooks, but the current hook has a good chance of breaking resistance.
Targets for hooks and breakouts are fibonacci extensions.
It starts with a normal ascending triangle, then breaks the support in a large red candle and consolidates. After a few sideways candles, appearing as a bear flag, it promptly shoots up and breaks the ascending triangle's resistance, forming a "hook".
Often times, you can see multiple of these within the same ascending triangle, with the hook just creating a deeper ascending triangle if it fails to break resistance.
On the chart, you can see two of these hooks, but the current hook has a good chance of breaking resistance.
Targets for hooks and breakouts are fibonacci extensions.
Comment
Looks like it just wants to reverseComment
Still intact, although ETHBTC is suffering.Comment
Hook has arrived.Comment
First target was reached, second didn't make it.Disclaimer
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