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 Hidden Divergences which can be found on both indicators ( & ).
-> The price already hit three times of this pattern leaving the 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
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.
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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.
I think it is going to be a downtrend for a while