Update to previous chart published. Sides of triangle have been redrawn. Bounce off .618 fib. level at 12500.
Not intended as financial advice. Do your own due diligence.
Not intended as financial advice. Do your own due diligence.
Comment:
Also bounce off 50 day moving average
Comment:
The 2 factors of the bounce off the moving average and the fibonacci level of .618
which is common for retracements makes it more likely that this bounce will hold.
which is common for retracements makes it more likely that this bounce will hold.
Comment:
BTC at $14075. Bounce in effect. New Year's Rally?
Comment:
Of course the breakout can also be downwards from the triangle.
Comment:
As it turns out, price did breakout of the triangle upwards and gained about 10% before reversing and going down significantly. This is consistent with a symmetrical triangle upward breakout busted pattern.