Cryptocurrency
Bitcoin Ascending Triangle Projects Near 15% Gain
BTC/USD 4hr On the four hour chart above, Bitcoin is currently in a textbook ascending triangle formation. In technical analysis, ascending triangles typically break to the upside roughly 70% of the time, especially when they are headed in the direction of the previous trend. Therefore, our current formation is favoring a bullish breakout. Additionally, ascending […]
BTC/USD 4hr
On the four hour chart above, Bitcoin is currently in a textbook ascending triangle formation. In technical analysis, ascending triangles typically break to the upside roughly 70% of the time, especially when they are headed in the direction of the previous trend. Therefore, our current formation is favoring a bullish breakout.
Additionally, ascending and descending triangles can extrapolate a target price by taking the distance of the initial move, then applying it past the resistance level. If we did this for our current ascending triangle, it would extrapolate us to a price of roughly $11k, or a near 15% move to the upside.
Technical analysis is never perfect, and it is wise to wait for a break above resistance for confirmation. Nevertheless, the bulls are looking strong as stocks and Bitcoin continue to climb higher in the premarket this morning.