Here is the description: "The is a formation that usually forms during an uptrend as a continuation pattern. There are instances when ascending triangles form as reversal patterns at the end of a downtrend, but they are typically continuation patterns. Regardless of where they form, ascending triangles are patterns that indicate accumulation."
- and are both on a clear uptrend since early September.
- Trading is decreasing, so the pattern is reaching a breakout point.
- Two major to break to continue climbing up... Momentum is needed. We are looking at half week or around 5-6 October for results...
Support & Resistance
- We have strong support at $6550. This has been holding strong for several days, but now it is being attacked. If this level doesn't hold, next support for Bitcoin can be found at $6500 followed by $6450. The next support sits at $6380. That's for the downside.
- The next resistance has been sitting at $6660.
If the above pattern breaks up, here are the targets:
Altcoins Market Update
The altcoins market is really hot right now with coins generating 100%, 200%, 300% and even up to 500% profits in a matter of weeks or days, you can check my profile for some of these examples. But what does it mean?
Certainly the altcoins market follows Bitcoin , this is true, and we can't ignore this fact. So Bitcoin is on the uncertainty zone, so we shouldn't trade? No. Money is already being made.
We can trade with a tight stop loss. Have a very low risk, but extremely high potential up.
Even though we can't know for sure if Bitcoin will really go up within the next two months, we know that the entire market is turning, a bottomed has formed for most altcoins.
According from what I am seeing from hundreds of different altcoins and charts, they will keep on moving for weeks to come. My own personal feeling is that we will have a wave up for the altcoins market regardless what Bitcoin does... This is already happening.
What's your take on Bitcoin for the upcoming weeks?
Why you believe so many altcoins are growing this much, this fast, and maintaining their price (think XRP, NANO , CHAT, etc.) before Bitcoin is out of the bear hands?
Do some people know something we don't know?
BITCOIN WILL GO UP STRONG BEFORE THE END 2018.
This is Odyssey (OCN). A massive 440% increase in price in a total of 48 days after the August 14 low.
The breakout happened on the 11th September, so this run only took 20 days total... Here is the chart:
Here is how we are looking on the daily time frame:
Here you can see a descending triangle. I marked the two support levels as this is a bearish pattern and also the resistance (target) if the pattern breaks up:
- There is another trendline (light green) which comes from the June low. This trendline can also come into play if we break the $6380 support.
- We wait until 5-6 October to see how the next move will go.
Thanks a lot for reading again.
"This pattern forms when there’s indecision among the buyers and sellers in the uptrend, downtrend, or sideways trend. The pattern suggests a possible change in trend."
You can read additional Bitcoin (BTCUSD) updates, by clicking on the image below (likes and comments are highly appreciated):
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