BitcoinUpdated Ascending Triangle or Symmetrical Triangle?
So we have ourselves either a bullish ascending triangle with a target of close to 7K, or a symmetrical triangle which can take us to 71XX on a break to the upside; or somewhere between 5700-5880 on a break to the downside. Regardless of which one plays out, I think it is likely we touch the bottom support line at around 6285-6310ish before a decision on direction is made. I have been short since about 6500 and will be looking to close it around 6300.
As per my previous analysis I was originally looking for a drop to 6K before a run up to 11K, however I am now reassessing. Ideally we want to stay above the purple uptrend line around 5900ish. If we do drop to the downside then this is where we are likely to find support. A drop below the yellow line takes us to a lower low and paints a much more bearish picture longer term.
As per my previous analysis I was originally looking for a drop to 6K before a run up to 11K, however I am now reassessing. Ideally we want to stay above the purple uptrend line around 5900ish. If we do drop to the downside then this is where we are likely to find support. A drop below the yellow line takes us to a lower low and paints a much more bearish picture longer term.
Note
Looking to see if this small symmetrical triangle on the one hour takes us down to our lower resistance line.Note
Symmetrical triangle pattern didn't play out, but not to worry. Patterns such as this which are made over a period of hours, only play out sometimes. The dominating patterns are still at play (either ascending triangle or symmetrical triangle) and I am still waiting for a touch of the lower support line. Given we now have a lot of resistance overhead (both the symmetrical triangle and ascending triangles resistance lines are intersecting as highlighted by the green circle) I am hopeful we could see our move down to the lower support line within the next 24 hours. Note
BTC volatility index is suggesting a big move soon. If we do go down and break the lower support line of the triangle then somewhere between 5.8-6K is easily possible.Note
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