Bitcoin is preparing for another ~10% move up
Updated
Since last all time high at 11960, the market had plenty of time to exit. However it rebounded off 11500 and is now consolidating just below previous all time high, forming an ascending triangle.
Ascending triangles have 70% chance to break out and as typical with bitcoin, the longer it consolidates near all time high, the higher the chance it will make a new all time high (remember $8000?)
Price target is $12800
Ascending triangles have 70% chance to break out and as typical with bitcoin, the longer it consolidates near all time high, the higher the chance it will make a new all time high (remember $8000?)
Price target is $12800
Note
Before the ascending triangle pattern is complete it is very possible to see another dip to 11500 before the breakout.Trade closed: target reached
Related publications
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.