What we have in front of us is what in technical analysis is known as a symmetric triangle, that is, it presents decreasing maximums and increasing minimums.
Since the bitcoin jumped over resistance at $ 20,000With the previous historical highs and now important support, the price has shot up to $ 42,000 in a few days. More than doubled in price. That said, what we have before us is a symmetric triangle (decreasing highs and increasing lows), a priori of trend continuity, as is the case with most triangles. However, let us be cautious because it is hard to believe that the market is making it so easy for us, since if we believe the triangle this leads us to shuffle as the most likely scenario an almost imminent bullish outcome in bitcoin. Another big bullish stretch.
But the most important thing is missing, to have the confirmation of the upward departure of the triangle and a first warning to sailors would be the overcoming of the last decreasing maximum in the $ 40,365 (of the future) and, above all, the historical highs in the $ 42,730. Above, whatever you want. $ 50,000 … $ 100,000. Everything is possible in this underlying has already shown us (for the good and for the bad) on many occasions.
If it does not, if it breaks below, it does not mean by any means that the rises in bitcoin are over. It would simply be warning us of a larger, more complex correction, which could take the price towards the support zone of $ 28,000 in the first instance and if it were to even pierce the vicinity of $ 20,000: Previous All-Time Highs, Before Resistance, Now Support. All in all, the underlying in question would remain bullish in medium and long-term terms. Now, at this time and only looking at the graph in front of us, it can be said that everything suggests that we are, as has happened on previous occasions, before a consolidation of levels / proportional adjustment of the previous violent rises within a triangle.
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