Bitcoin - Where The Price Is Heading Next? Not So Bearish.

The chart is forming The Symmetrical Triangle. As known Symmetrical Triangle Patterns can break either way ( Bullish or Bearish ). That's one of the reason why we need to gather as many evidence to support the break out either way. Also this pattern is known from explosiveness. Once it breaks, it will do it rapidly. Generally people like to use tight stop-loss orders when trading the breakouts of this pattern.

Why the price is likely to break upwards but not downwards?
Here are the things I find from the chart:
-> Bitcoin hit perfectly 0.382 fibonacci level (bounced from MA50) and started to form higher lows.
-> Upward movement is supported by Bullish Hidden Divergences which can be found on both indicators ( MACD & RSI ).
-> The price already hit three times support level of this pattern leaving the resistance level with just 2 hits.
The count goes like this: 3 times on bottom and 3 times on top.
The Symmetrical Triangle likes number three somehow.

Do you want to play detective? Post down below in the comments your evidence and tell which way you think it will go.

Yarr The Pirate Crypto Cat
評論: The price just went through of downtrend line which is indicating that the price will move further upwards.
評論: UPDATED: I included possible reversal zone. Even though the price would break the support level of the pattern it can indicate that the price is trying to gain momentum before going back upwards. Aka Up Thrust.
The price went through of The bottom level of The Symmetrical Triangle Pattern. The price has not reached possible reversal zone yet but this is giving good opportunity to monitor the price movement and test this zone if the price breaks further downwards.
First signs of recovery.
評論: Note how the price is hovering above .382 fibonacci level.
評論: back to .382 fibonacci level.
Free Telegram Channel for Signals & News http://www.t.me/YarrPiratez |
Over 90% performance with our trading system! |
1. It seems that the divergence on MACD and RSI has already led to a bullish move. We are beyond that now.
2. The fact that it broke the strong SMA-50 line makes me think that the price will fall
3. I prefer to wait and see if it is going to break the upper or the lower arm of your triangle.

Nice work
+1 回覆
yarr islameissa
@islameissa, thank you for your contribute! :)
@yarr, it broke the lower arm Yarr
I think it is going to be a downtrend for a while
Do you think BTC has bottomed already? Will not go any more lower?
I must say recent sentiment is showing an slight uptrend but with recent fud from korea .. its really in a dilemma state...
infinitycoda patelcrypto
@patelcrypto, the FUD before the bull-storm :) IMHO
+1 回覆
yarr infinitycoda
@infinitycoda, bull-storm always suprises people
look at ETH/BTC - especially Daily chart - seems like ratio will rise more. by ETH take off or BTC drops.. both?
interesting. check out my idea on $8000 bitcoin in a week. Do the pattern I showed correlate with any of your ideas?
ZH 繁體中文
EN English
EN English (UK)
EN English (IN)
DE Deutsch
FR Français
ES Español
IT Italiano
PL Polski
SV Svenska
TR Türkçe
RU Русский
PT Português
ID Bahasa Indonesia
MS Bahasa Melayu
TH ภาษาไทย
VI Tiếng Việt
JA 日本語
KO 한국어
ZH 简体中文
AR العربية
HE עברית
首頁 股票篩選器 外匯篩選器 加密貨幣篩選器 全球財經日曆 如何運作 圖表功能 網站規則 版主 網站 & 經紀商解決方案 小工具 圖表庫 功能請求 部落格 & 新聞 常見問題 幫助 & 維基 推特
個人資料 個人資料設定 帳戶和帳單 我的客服工單 聯絡客服 發表的想法 粉絲 正在關注 私人訊息 在線聊天 登出