BitcoinUpdated Daily [BTC] Symmetrical Triangle Closing Slowly Analysis
BTC has been showing beautiful swing movements on the daily time frame in the symmetrical triangle formation, letting the swing traders have the time of their lives for the past few months.
We have now reached the 3 higher highs (HH's) on the top trend line of the triangle. We can potentially expect to see BTC form the final lower high (LH) on the bottom of the triangle trend line, before it bounces up forming the final 4th HH and breaking through the symmetrical triangle. We can expect to see the breakout to the first resistance zone at 4620. And speaking on a long term, I believe once this happens there shouldn't be a problem achieving our main resistance zones starting at 6480 region (with a few pullbacks of course).
Though i'm still very bearish on the whole BTC situation for the next couple of months, I believe the breakthrough of our triangle will be the main trigger of a potential BULL run!
We have now reached the 3 higher highs (HH's) on the top trend line of the triangle. We can potentially expect to see BTC form the final lower high (LH) on the bottom of the triangle trend line, before it bounces up forming the final 4th HH and breaking through the symmetrical triangle. We can expect to see the breakout to the first resistance zone at 4620. And speaking on a long term, I believe once this happens there shouldn't be a problem achieving our main resistance zones starting at 6480 region (with a few pullbacks of course).
Though i'm still very bearish on the whole BTC situation for the next couple of months, I believe the breakthrough of our triangle will be the main trigger of a potential BULL run!
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