Fairly interesting to note that BTC / CAD has been trading within an ascending triangle. Given the slope at the base is at a fairly high angle, bulls seem to be succeeding over the bears.
This is typically a bullish sign and we do see a compression of volume as is associated with this consolidation pattern.
Needed for confirmation is an increase in volume over the month of December the break out past the resistance level. If there is no increase, there is a high likelihood that this trend will continue past the apex, given that the potency of a triangle dwindles if the pattern hasn’t broken out by 2/3 of the shape.
If successful, the price objective would land us past 87000.
This is typically a bullish sign and we do see a compression of volume as is associated with this consolidation pattern.
Needed for confirmation is an increase in volume over the month of December the break out past the resistance level. If there is no increase, there is a high likelihood that this trend will continue past the apex, given that the potency of a triangle dwindles if the pattern hasn’t broken out by 2/3 of the shape.
If successful, the price objective would land us past 87000.
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