Bitcoin has recently formed another bullish pattern, this time a triangle.
The point of the triangle is on 26th June, normally price action will break a triangle when it's 70%-85% full, which would imply it to either break to the upside or fall below it in the next 24 hours.
BTC is right in the middle of the triangle right now, but 1H stochs have just crossed to the upside, signalling positive momentum to come. I would say that BTC is likely to test the top of the triangle again soon.
- But let me remind you that the 12H and the daily charts are both very extended and the stochs are very high in the critical zone (check image below). But this doesn't mean BTC cannot have a try higher, it just signals that it is probable for it to have a consolidation period on the more medium to long term time frames, to at least let the oscillators reset and have a breather.
- The RSI is just in a bullish consolidation, and isn't signalling too much, at least on the lower time frames.
- But both 2D and 3D charts have lots of room to go higher, so BTC's bull run might not be over as soon as people think.
And to all the people trying to short BTC for the past week, why are you going against the trend, clearly BTC doesn't want to drop. So don't get wrecked just because some 'smart guy' told you so. Only short when there are obvious reversal patterns or signs.
The point of the triangle is on 26th June, normally price action will break a triangle when it's 70%-85% full, which would imply it to either break to the upside or fall below it in the next 24 hours.
BTC is right in the middle of the triangle right now, but 1H stochs have just crossed to the upside, signalling positive momentum to come. I would say that BTC is likely to test the top of the triangle again soon.
- But let me remind you that the 12H and the daily charts are both very extended and the stochs are very high in the critical zone (check image below). But this doesn't mean BTC cannot have a try higher, it just signals that it is probable for it to have a consolidation period on the more medium to long term time frames, to at least let the oscillators reset and have a breather.
- The RSI is just in a bullish consolidation, and isn't signalling too much, at least on the lower time frames.
- But both 2D and 3D charts have lots of room to go higher, so BTC's bull run might not be over as soon as people think.
And to all the people trying to short BTC for the past week, why are you going against the trend, clearly BTC doesn't want to drop. So don't get wrecked just because some 'smart guy' told you so. Only short when there are obvious reversal patterns or signs.
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