After pulling back down from its new high, price has maintained its move to the down side and held a new support level strong.
On the 3hours time frame, the Price chart of BTCUSD has been spotted forming a bullish chart pattern called THE ASENDING TRIANGEL CHART PATTERN.
An ascending triangle is a chart pattern used in technical analysis. It is created by price moves that allow for a horizontal line to be drawn along the swing highs, and a rising trendline to be drawn along the swing lows.
Ascending triangles are often called continuation patterns since the price will typically breakout in the same direction as the trend that was in place just prior to the triangle forming.
Price trend can be any direction leading to the chart pattern, prices move between two converging trendlines.
Two trendlines bound prices; the top trendline is horizontal and the bottom one slopes upward.
Price must cross the pattern from side to side, filling the triangle with price movement, not white space.
Price must touch one trendline at least three times, the other at least twice, forming distinct valleys and peaks.
Volume Trends downward 80% of the time.
Breakout Upward 63% of the time and 62% of the way to the triangle apex (upward breakouts).
Price targets looks for be the near ATH created $13679, the most important thing here is to always wait for possible breakout.
Risk Disclaimer:
Trading cryptocurrency on margin carries a high level of risk(volatile), and may not be suitable for all trades who are yet to understand how to use STOP LOSS. The high degree of leverage can work against you as well as for you.
It is your responsibility to confirm if you want to take this trade or not. Trade only with risk capital; that is, trade with money that, if lost, will not adversely impact your lifestyle and your ability to meet your financial obligations.
If you do not fully understand these risks you must seek independent advice from your financial advisor.
On the 3hours time frame, the Price chart of BTCUSD has been spotted forming a bullish chart pattern called THE ASENDING TRIANGEL CHART PATTERN.
An ascending triangle is a chart pattern used in technical analysis. It is created by price moves that allow for a horizontal line to be drawn along the swing highs, and a rising trendline to be drawn along the swing lows.
Ascending triangles are often called continuation patterns since the price will typically breakout in the same direction as the trend that was in place just prior to the triangle forming.
Price trend can be any direction leading to the chart pattern, prices move between two converging trendlines.
Two trendlines bound prices; the top trendline is horizontal and the bottom one slopes upward.
Price must cross the pattern from side to side, filling the triangle with price movement, not white space.
Price must touch one trendline at least three times, the other at least twice, forming distinct valleys and peaks.
Volume Trends downward 80% of the time.
Breakout Upward 63% of the time and 62% of the way to the triangle apex (upward breakouts).
Price targets looks for be the near ATH created $13679, the most important thing here is to always wait for possible breakout.
Risk Disclaimer:
Trading cryptocurrency on margin carries a high level of risk(volatile), and may not be suitable for all trades who are yet to understand how to use STOP LOSS. The high degree of leverage can work against you as well as for you.
It is your responsibility to confirm if you want to take this trade or not. Trade only with risk capital; that is, trade with money that, if lost, will not adversely impact your lifestyle and your ability to meet your financial obligations.
If you do not fully understand these risks you must seek independent advice from your financial advisor.