BitcoinLong
It's Time For $BTC Bitcoin Symmetrical Triangle Breakout!
Bitcoin BTC has been trading inside an impressively symmetrical triangle since the $20,000, 2017 top.
Symmetrical triangles can act as continuation, if the prior established trend has been up.
The triangle itself meets the four points minimum with two trendlines with three touches each.
Price action is past the 1/2 to 3/4 ideal breakout point toward the apex, which is, well, less than ideal and could be due to coronavirus black swan.
Volume has been contracting all bear market, with it suddenly picking up as the apex nears.
All signs point to this symmetrical triangle being ready to break out.
Targets are taken by taking the widest distance of the triangle and applying it to the breakout point. Assuming it is soon, it would takeBTC to the next peak at $108,776
BTC has been trading inside an impressively symmetrical triangle since the $20,000, 2017 top.Symmetrical triangles can act as continuation, if the prior established trend has been up.
The triangle itself meets the four points minimum with two trendlines with three touches each.
Price action is past the 1/2 to 3/4 ideal breakout point toward the apex, which is, well, less than ideal and could be due to coronavirus black swan.
Volume has been contracting all bear market, with it suddenly picking up as the apex nears.
All signs point to this symmetrical triangle being ready to break out.
Targets are taken by taking the widest distance of the triangle and applying it to the breakout point. Assuming it is soon, it would take
BTC to the next peak at $108,776
CoinChartist is run by Tony "The Bull" Severino, CMT, a technical analyst fascinated w/ Elliott Wave Principle, Hurst Cycle Theory, W.D. Gann, Japanese Candlesticks, & other classical charting methods. Visit coinchartist.io for free TA education!
CoinChartist is run by Tony "The Bull" Severino, CMT, a technical analyst fascinated w/ Elliott Wave Principle, Hurst Cycle Theory, W.D. Gann, Japanese Candlesticks, & other classical charting methods. Visit coinchartist.io for free TA education!
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