Hello, everyone!
Bitcoin is forming the symmetric triangle. This pattern is insane because it can be the catalyst of the trend reverse from the downside to the upside. As you know I opened long position at $41900 because suppose that this is the trend reverse point, but on the 1D timeframe it is still downtrend according to the price structure. Trend reverse is just my assumption. But this symmetric triangle breakout to the upside can be the new uptrend confirmation. The target of this upside move is next to resistance level = $45500. The negative scenario can lead the price lower than the current low at the $39600.
DISCLAMER: Information is provided only for educational purposes. Do your own study before taking any actions or decisions at the real market.
Bitcoin is forming the symmetric triangle. This pattern is insane because it can be the catalyst of the trend reverse from the downside to the upside. As you know I opened long position at $41900 because suppose that this is the trend reverse point, but on the 1D timeframe it is still downtrend according to the price structure. Trend reverse is just my assumption. But this symmetric triangle breakout to the upside can be the new uptrend confirmation. The target of this upside move is next to resistance level = $45500. The negative scenario can lead the price lower than the current low at the $39600.
DISCLAMER: Information is provided only for educational purposes. Do your own study before taking any actions or decisions at the real market.
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