Bitcoin has left the triangle pattern as we expected and the resistance at $ 11K has been surpassed

Bitcoin has left the triangle pattern as we expected and the resistance at $ 11K has been surpassed

What we assumed in our recent analysis came true to the fullest, and BTC has already left the recurring triangle pattern.


12 Oct 2020 , 11:23 @ CRYPTOSCARFACE

Bitcoin has left the triangle pattern as we expected and the resistance at $ 11K has been surpassed

What we assumed in our recent analysis came true, and BTC has already left the recurring triangle pattern.

In our last analysis, entitled “Recurring Triangle Pattern, Indicates a Possible Break Out to $ 11K Resistance Soon,” we drew particular attention to this pattern, which clearly indicated where BTC was heading.

According to the calculations, BTC should have left this triangle within 10 days after publishing our article, BTC subsequently met this time frame within 4 days. The bulls tried to accumulate their BTC until October 8, and the next day, October 9, they broke through $ 11K.

The fact that it was not a fake break out was confirmed on October 10, when BTC also overcame the resistance at $ 11.3K with really good volumes. Currently, it looks like the bulls have been trying to create new support here for 2 days and thus replaced the previous resistance in their favor.

In the coming days, it will therefore be very important to monitor how BTC will guard this price range, as this may be another important indicator and impetus for future growth.

Technical analysis:

  • Strong Resistance at $ 12K
  • Support now at $ 11.3K
  • Daily RSI looks bullish / Bull trend support ( 40 ) held
  • MACD neutral / Bearish for the short term / Bullish for the mid to long term

Read also: According to analysts at Bloomberg, Bitcoin could reach $ 100,000 in 2025

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