Recently I made an analysis on Bitcoin and the triangle it was trading in. After hitting the first target, BTC met with strong selling power, which caused the price to consolidate between $21k and $22k.
As seen on the chart, this period of consolidation has formed a triangle pattern. Classically, these patterns in the middle of a strong trend are classified as bull-flags, which should theoretically break bullish.
With BTC being as oversold as it is, I'd argue that there's a high probability for BTC to break bullish. Wait for the price to break out of the triangle before entering a trade.
I'm keeping the short-term targets close around recent tops. Longer-term target is still at
23K as per my prior analysis.
As seen on the chart, this period of consolidation has formed a triangle pattern. Classically, these patterns in the middle of a strong trend are classified as bull-flags, which should theoretically break bullish.
With BTC being as oversold as it is, I'd argue that there's a high probability for BTC to break bullish. Wait for the price to break out of the triangle before entering a trade.
I'm keeping the short-term targets close around recent tops. Longer-term target is still at
23K as per my prior analysis.Uwaga
Called the break out too soon. BTC was rejected by a different resistance at $22.k which was likely to cause more downside than initially anticipated.
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