Hi there!
Welcome to this analysis about Bitcoin , the weekly timeframe perspectives, and the major underlying triangle-formation that I have detected coming in several different variants and timeframes on the lower as well as higher timeframes and varying in amplitude. What is so amazing with the triangles Bitcoin is forming is that they actually are extremely precise and in a highly vast majority of cases reach the objected target-zones. Therefore I will look at the past triangles Bitcoin that I published Bitcoin has formed in the past and then also contribute them into the broader context with the long-term-cycle Bitcoin is trading in and the current main decisive ascending-triangle-formation likely to complete next.
Current News Objectives:
From a fundamental news perspective, we can catch some very important and pivotal developments in the Bitcoin and Cryptocurrency space recently. Since China the previously biggest Bitcoin mining hub banned Bitcoin mining and trading just two months ago miners from China settled out into more supportive places mainly in the united states and now just two months after the ban the United States became the biggest Bitcoin mining hub, this is why we see mining activity and the hash rate increasing recently which is converting into increased demand and therefore positive for Bitcoin bullish developments. Besides the launching of a major Bitcoin-ETF comes nearer, therefore these developments indicate a bullish sentiment that fulfills the fuel for Bitcoin's current major triangle to complete.
Major Bitcoin Triangle-Cycle And The Current Triangle Forming:
When looking at my chart we can watch there how Bitcoin has established this major triangle-cycle with two massive historical triangles already completed, the first historical triangle is this huge ascending-triangle and the second is this precise symmetrical triangle formation, both targets of these two major massive triangle-formations have already reached, the target of the first ascending-triangle with the peak of 2017s bull-market and the second of the symmetrical triangle with the top at 60.000 USD before the China FUD spread. Now in the current dynamic, we can see this very solid ascending-triangle forming which is marked in blue and which is likely to complete in the next times because demand is increasing both fundamentally and technically, completion of this triangle will appoint to the upper distribution range of the massive triangle-cycle from where Bitcoin needs to show if it reverses or forms the next triangle.
Welcome to this analysis about Bitcoin , the weekly timeframe perspectives, and the major underlying triangle-formation that I have detected coming in several different variants and timeframes on the lower as well as higher timeframes and varying in amplitude. What is so amazing with the triangles Bitcoin is forming is that they actually are extremely precise and in a highly vast majority of cases reach the objected target-zones. Therefore I will look at the past triangles Bitcoin that I published Bitcoin has formed in the past and then also contribute them into the broader context with the long-term-cycle Bitcoin is trading in and the current main decisive ascending-triangle-formation likely to complete next.
Current News Objectives:
From a fundamental news perspective, we can catch some very important and pivotal developments in the Bitcoin and Cryptocurrency space recently. Since China the previously biggest Bitcoin mining hub banned Bitcoin mining and trading just two months ago miners from China settled out into more supportive places mainly in the united states and now just two months after the ban the United States became the biggest Bitcoin mining hub, this is why we see mining activity and the hash rate increasing recently which is converting into increased demand and therefore positive for Bitcoin bullish developments. Besides the launching of a major Bitcoin-ETF comes nearer, therefore these developments indicate a bullish sentiment that fulfills the fuel for Bitcoin's current major triangle to complete.
Major Bitcoin Triangle-Cycle And The Current Triangle Forming:
When looking at my chart we can watch there how Bitcoin has established this major triangle-cycle with two massive historical triangles already completed, the first historical triangle is this huge ascending-triangle and the second is this precise symmetrical triangle formation, both targets of these two major massive triangle-formations have already reached, the target of the first ascending-triangle with the peak of 2017s bull-market and the second of the symmetrical triangle with the top at 60.000 USD before the China FUD spread. Now in the current dynamic, we can see this very solid ascending-triangle forming which is marked in blue and which is likely to complete in the next times because demand is increasing both fundamentally and technically, completion of this triangle will appoint to the upper distribution range of the massive triangle-cycle from where Bitcoin needs to show if it reverses or forms the next triangle.