It seems that Bitcoin is forming an Ascending Triangle on the Daily TF. Following are some Key Takeaways to consider.
Source of these takeaways are from Investopedia, as I think that this Article matches pretty much what I think about "Ascending Triangles"
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This Analysis is not intended to be investment advice. Always DYOR.
- The trendlines of a triangle need to run along at least two swing highs and two swing lows.
- Ascending triangles are considered a continuation pattern, as the price will typically break out of the triangle in the price direction prevailing before the triangle, although this won't always occur. A breakout in any direction is noteworthy.
- Target is calculated by taking the height of the triangle, at its thickest point, and adding or subtracting that to/from the breakout point.
Source of these takeaways are from Investopedia, as I think that this Article matches pretty much what I think about "Ascending Triangles"
If you like my Content, hit the 👍 and/or comment and make sure to follow.
This Analysis is not intended to be investment advice. Always DYOR.
Comment:
Bitcoin seems to have broken out, Currently testing the upper Trendline from the Ascending Triangle. If the retest is successful bitcoin should have a really nice bounce. Target is at 54'4k. 52k is going to be a significant Level to break.
