BTCUSD: Potential Triangle break-out targets 12,000.

BITFINEX:BTCUSD   Bitcoin / U.S. Dollar
Bitcoin has been trading inside a Descending Triangle on the 1W time frame. It is coming off a near 9,100 Support test and the price is currently testing the 1D MA50 on a strong green candle.

Last time a similar pattern was detected was early in 2019 when Bitcoin was coming off its 2018 bear market bottom. The EMA50 applied again Resistance within the 1W Descending Triangle and after near Support test at 3,220 the pattern gave a strong green candle that stopped on the 1D MA50, consolidated and eventually broke the Descending Triangle upwards.

Its target was the 1D Resistance (from the previous Higher Low), so after so many similarities we are expecting the current price action to break the Descending Triangle and approach the 12,300 1D Resistance. Our TP is slightly lower at 11,800.

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Comments and likes are greatly appreciated.
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Thanks for sharing
interesting view, how bitcoin elevates from here is really important, personally i still prefer bitcoin consolidates in a tight range, that would be a healthier way before bitcoin elevates again
Not now, it needs to pull back to get more power for the next bull run,
+1 Reply
@Lit7leBoy, Let's see how it does near 11,000 first. Any pull back from this point onwards is a buy opportunity.
Spot on!
+1 Reply
@ekeneobi, Thank you.
12k would be nice

+2 Reply
@Bitconiano, We very much appreciate the artistic flavor you bring to TradingView's community.
+1 Reply
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