These two triangles are the most important patterns in Bitcoin
right now. I have placed green ovals around potential price and date Bitcoin
is likely to break the triangles upward. I also placed a target area for the next bubble ATH
. Does it have to play out like that? No, but it gives me a projection to judge future price action by.
The first triangle is a symmetrical triangle created by connecting the ATH
in 2017 with the top of the 2019 bubble to the parabolic adoption curve on the bottom. When we break this triangle it will be around 10,500 and will create even more momentum to help Bitcoin
get past the 2nd hurdle...breaking the last ATH
. I know 10.4K is an area that many traders will flip bullish
and act accordingly.
The second triangle is an ascending triangle
created by drawing the top line across from the 20K ATH
to the ever-increasing parabolic adoption curve to form the triangles bottom side.
It's reasonable to expect some resistance at these points as some will dump their bags when buying pressure is heightened. This is why it's better to create a range where the triangles might be broken. We can always have pull-backs before breaking. The pull-backs should create higher-lows. This is something I'll be looking for.
I prefer to use probabilities and ranges as I don't have a crystal ball, only price action, volume
, some indicators, and experience with how Bitcoin
behaves to go by. What I do know is that the parabolic adoption trend of Bitcoin
has never been broken and I will act like it won't until it does.
I hope this aids you in your own analysis. Have a great day! Please like and share if you find my analysis helpful.
Peace, Love, & Crypto,