Cryptocurrency

Trading Bitcoin: Ascending Triangle on the 1 Hour

1 Hour Bitcoin is in a tentative ascending triangle on the 1 hour chart above. In classical technical analysis, an ascending triangle will break to the upside roughly 70% of the time. Based on our current momentum we are expecting a breakout. However, we must be cautious of a false breakout. Above all, a pattern […]

By CJ Reichel · December 9, 2019

1 Hour

Bitcoin is in a tentative ascending triangle on the 1 hour chart above. In classical technical analysis, an ascending triangle will break to the upside roughly 70% of the time. Based on our current momentum we are expecting a breakout. However, we must be cautious of a false breakout. Above all, a pattern means nothing until confirmation.

Daily

Bitcoin is on a sequential green 4 candle on the daily chart above. Overall, Bitcoin is seeing short-term bullish momentum which will likely continue up to $7.7k. However, Bitcoin has still been traveling in the downward parallel channel.

Conclusion

While Bitcoin’s technicals are setting up for further bullish price action, Bitcoin has faced harsh resistance at $7.5k. In order for the bulls to sustain the trend they must form support above $7.5k. Once $7.5k is established, the next critical resistance levels will be $7.7k and $8k. Current support remains at $7.3k.

Disclaimer: The author of the article hodls Bitcoin.