Bitcoin has now spent around 14 days forming a Descending Triangle Pattern.
This Descending Triangle has 5 key parameters, 3 of which have been met.
1. Price has touched both trendlines forming the triangle at least twice
2. Volume is descending across the triangle pattern
3. No blank space within the triangle itself
We are now waiting for
4. Breakout above the downsloping trendline
5. Throwback to downsloping trendline (occurs 51% of the time)
2 further supporting points for an upwards price reversal
6. Busted downwards breakout (price broke out downwards less than 10% and returned back into triangle within 2 days
7. Fractal from Jan - Jul 2021 follows similar shape and levels to current price action
This Descending Triangle has 5 key parameters, 3 of which have been met.
1. Price has touched both trendlines forming the triangle at least twice
2. Volume is descending across the triangle pattern
3. No blank space within the triangle itself
We are now waiting for
4. Breakout above the downsloping trendline
5. Throwback to downsloping trendline (occurs 51% of the time)
2 further supporting points for an upwards price reversal
6. Busted downwards breakout (price broke out downwards less than 10% and returned back into triangle within 2 days
7. Fractal from Jan - Jul 2021 follows similar shape and levels to current price action
Note
Regarding the fractal in orange,It appears to be operating at 2/3 the timeframes of the original. In other words the pattern should resolve to one side or another within 45 days.
This suggests a breakout on or by 4 June 2022.
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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.
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.