Bitcoin price with candle chart in background pointing upwards
Today we take a closer look at the father of all crypto currencies on the chart to answer the question if the BTC might be about to see a major price jump. Above all, of course, the question arises in which direction?
It becomes thus exciting, if we dare once more us to a Bitcoin course prognosis for the coming weeks. Have fun!
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Bitcoin price trades in a symmetrical triangle
In the telegram channel of the Crypto & Trading news site Bitcoin-Bude last night, attention was drawn to a formation at the Bitcoin course that could cause the price of Bitcoin to jump a little bit. The formation is a symmetrical triangle that is clearly visible on the daily chart.
Bitcoin price forecast, BTC price, Bitcoin forecast
A symmetrical triangle is easily recognizable by its two trend lines, which converge to a point. It is important that both trend lines are touched at least twice and that the price within the formation has at least 4 turning points as a result. Furthermore, the course should pass through the inside of the formation evenly and typically the volume is highest at the beginning of the formation and decreases steadily as the formation forms.
As we can see, the Bitcoin course and the formation above meets all these requirements with flying colors. In addition, we can clearly see that the course has already reached just before the apex of the triangle, which makes an early breakout very likely, provided the formation does not fail.
BTC could be close to a $1,600 move
Many mistakenly think that the direction of the course before the formation is a strong indication of the subsequent direction of the eruption. In other words, many mistakenly think that a symmetrical triangle is a continuation pattern. This is the case with nieces. In fact, with the Bitcoin course, you have to wait for the direction of the breakout before you think about taking a position. Otherwise, one leaves the prospect of success more or less to chance and not to a meaningful probability.
Once the direction of the breakout has been determined, the height of the triangle is projected in the direction of the breakout at the breakout point to obtain a minimum price target. In the case of a breakout upwards this results in a price target of around $12,400 and in the case of a breakout downwards a minimum price target of $8,900. The latter would bring the Bitcoin price well below the important psychological barrier of $10,000 and would suggest a longer dry spell in the crypto market.
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