Hello Traders,
In the book of Elliot Wave Theory there is a section on Elliot Wave Triangles with several examples of bullish and bearish triangle formations.
Bullish triangle formations are identified by the price impulsing into the triangle and then breaking to the upside, like the example in this chart.
Bearish triangle formations are identified by the price falling into the triangle and then breaking to the downside, like in this example...
Bitcoins current price action looks exactly like the example of a Bull Market triangle, literally a textbook copy.
This leads me to believe Bitcoin is consolidating for a move upwards here.
As with all triangles the safest thing to do is wait until E where market direction should be decided and go with the direction.
In the book of Elliot Wave Theory there is a section on Elliot Wave Triangles with several examples of bullish and bearish triangle formations.
Bullish triangle formations are identified by the price impulsing into the triangle and then breaking to the upside, like the example in this chart.
Bearish triangle formations are identified by the price falling into the triangle and then breaking to the downside, like in this example...
Bitcoins current price action looks exactly like the example of a Bull Market triangle, literally a textbook copy.
This leads me to believe Bitcoin is consolidating for a move upwards here.
As with all triangles the safest thing to do is wait until E where market direction should be decided and go with the direction.
Comment:
That recent move just messed up the flow of this triangle formation.
Comment:
Triangle broke down.
