Bitcoin update, ascending triangle
This week's price action of Bitcoin has formed an ascending triangle. Which way will it break out?
The market is capped by the $8600 level to the upside and supported at the $7600 level to the downside. The market has accepted higher prices without major retracements, but has so far not been able to break through $8600.
The good news is that technically this pattern is a bullish continuation pattern. But it can breakout either way. And look out for breakout failure for a continuation in the opposite direction.
So I am looking for 4hour closes above $8600 or below $7600 to find the direction further.
Have a good one!
I give a rise out of this wedge towards $9k higher chances, but somehow expect another leg down, if only to make some sort of double bottom. The second bottom of such move could be quite above $59xx though.
It will be dull days ahead, I guess.
Thanks for your comment.
I think you might be right. If it breaks above without a pullback first it will probably be exhausted before 10k.
Just hope the media can keep all the negative speculations to themselves.
I think we are going to go down a bit before we go back up because we have had 3 failed crossovers from the MACD, the trading volume is declining again and the recent buff from the SEC is what I suspect is feeding our current uptrend.
Thanks for commenting.
I agree, should get a pullback before more gains.
That senate hearing did wonders to calm the FUD the media is spreading. My favourite part of that was that they mentioned HODL and even tried to explain it;)
I was just surprised that some of them actually knew what they were talking about. Did you see this guy at the hearing
LOL, he's probably the Head of Securities on the commission;)
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