This structure that has been playing out over the last few month since reaching a local top of $13,800 resembles the triangle that fell 50% from the 6k range last year. Consistent lower highs are being put in with a baseline near 9k being established. If we take a closer look however we see that the last 2 drops did not get down to the previous lows, so we are technically printing higher lows. Price is currently grinding along the top of the wedge as support rather than under it as resistance. It would seem at the moment the current circumstances are leaning towards a continuation up rather than a reversal happening. The measured move from the Triangle's highest and lowest points will be the 1.272 Fib extension near $15,000. This is a very crucial time for bitcoin and perhaps all of cryptocurrencies. If BTC decided to break down from this triangle, it might not hold any support until the 7k range or even lower!
Let me know what you think! Will BTC continue up or break down from this pattern?
Let me know what you think! Will BTC continue up or break down from this pattern?