Ascending triangle pushing BTC above 7kThe price has been making higher lows inside a consolidation (trading range) for a few days now.
Major trend in BTC is still down, but we do have a local uptrend since 6100.
These types of consolidations inside a local uptrend are more likely to break out to the upside.
The higher lows inside a range are a sign of accumulation (supply drying up, demand increasing slowly)
From the classical charting perspective, this is known as an ascending triangle. It indicates what I described above.
Targets (based on the resistance levels along the way) are:
1. 6778
2. 6874
3. 6929
4. 7044
5. 7144
6. 7286 (maximum projected target of the pattern)
The price may get rejected at any of the targets mentioned above, so it's always a good idea to lock in partial profits at each of the targets as they get reached.
The invalidation of this entire move will be a daily candle close below 6330 pivot (key) point.
Measuring Risk/Reward ratio based on this pattern, it would be slightly over 1:3 (taking 6295 as a stop loss and 7286 as a max target).
