Recurring Triangle Pattern indicates a possible Break Out to $ 11K Resistance soon

Recurring Triangle Pattern indicates a possible Break Out to $ 11K Resistance soon

The Bitcoin market currently has good Bull managers, who still hold a good position and the prospect of the future price increases.


5 Oct 2020 , 12:27 @ CRYPTOSCARFACE

Recurring Triangle Pattern indicates a possible Break Out to $ 11K Resistance soon

The Bitcoin market currently has good Bull managers, who still hold a good position and the prospect of the future price increases.

Bitcoin’s behavior is relatively stable despite the first day of September, and it appears to be successfully accumulating in the $ 10K-11K zone. One of the most important indicators of Bitcoin’s interest is keeping the price level above $ 10K, because from the first moment when this price was exceeded, the area is considered to be among the stops before a possible Bull Run. As soon as BTC loses this area, the opposite effect can occur = panic sell.

However, what I want to draw attention to in today’s analysis is the recurring triangle pattern, which shows signs that Break Out is so close. According to calculations and a graph, this may mean that Bitcoin will try to leave this triangle in the next 10 days. Apparently this should be a situation of 85% break out to $ 11K resistance 15% towards $ 10K.

Technical analysis:

  • Important Support at $ 10K
  • Current Resistance at $ 11.3K
  • Strong Resistance at $ 12K
  • Daily RSI looks bullish / Bull trend support ( 40 ) held
  • MACD neutral

Read also: The CFTC is suing BitMEX for illegally operating a Cryptocurrency Derivatives Trading Platform

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