Bitcoin And The Triangle Pattern

Since the beginning of July BTCUSD has mostly been moving in sideways pattern with lower highs and a stable basis around $9200 - $9400. On a daily basis, the price remains below the Kumo (Cloud) while a descending triangle pattern has been formed.

(Click on image to enlarge)

Usually descending triangle patterns are bearish patterns. However, as long as price remains above the horizontal support area of $9200- $9400 bulls continue to hope for an upward break out above the cloud and the downward sloping trend line resistance at $10900 - $11100.

Breaking above the resistance would be a bullish sign and would give us $15500 as the first target. If support at $9200- $9400 fails to hold, we should expect a decline at least towards $8500 if not $7250.

So now we wait.

Disclaimer: All persons and entities contributing to the content on this website, and their representatives, agents, and affiliates are not providing investment or legal advice on this website.Nor ...

more
How did you like this article? Let us know so we can better customize your reading experience.

Comments