In BTC/USD we have a triangle pattern holding us in a range pattern, it stretches back to November 2015. Unfortunately this pattern isn’t directional so traders shouldn’t establish bearish or bullish bias solely on this pattern.
For example we have held the upper end of the triangle 4 times, which can be bearish or bullish depending on your analysis. The bears can say that price was held by the upper end of the triangle, while bulls can say the bottom of the triangle was barely tested. In truth we are simply in an ever decreasing trading range and should break out relatively soon.
Bitcoin Triangle Pattern
The good news for the bears is that the last time we were in such a triangular pattern we followed through on the downside. This was from the all time highs in November 2013. I probably should say that if I was forced to make a trade it would be to the downside but I prefer to wait for confirmation as we exit the triangle whether up or down.
It is also interesting to note that significance of November highs in BTC from 2013 to 2015.
Bitcoin Daily Chart
If you liked this article follow us on Twitter @themerklenews and make sure to subscribe to our newsletter to receive the latest bitcoin and altcoin price analysis and the latest cryptocurrency news.
The U.S. Supreme Court has delayed its highly anticipated ruling on the legality of President…
President Donald Trump has officially closed the door on any possibility of a pardon for…
Ethereum has officially crossed the ~$300 billion mark in application total value locked (TVL), solidifying…
The U.S. Securities and Exchange Commission has approved Bitwise’s spot Chainlink ETF, marking the first…
Rumble and Tether have officially launched the Rumble Wallet, a self-custodial crypto wallet integrated directly…
BNB Chain is preparing to activate its Fermi hard fork on January 14 at 2:30…