South Korea’s Bithumb Launches Zero Fee Transfers to Global Platform

12h
cointelegraph

Altcoin News Ethereum News Technology NFT News CryptoKaiju: 2019 in Review By Oliver Carding - February 14, 2020 86721 0

12h
coinjournal

Australian Soccer Club Calls Off Purchase Deal With Controversial Crypto Company

12h
cryptonewmedia

Ripple Partners with Major European Money Transfer Service, Proving XRP's Potential

12h
utoday

EOS Burns $132M Worth of Tokens to Curb Inflation

12h
bitcoinist

Bitcoin (BTC) Is Days Away From The Next Big Move

12h
cryptodaily

EOS.IO (EOS) to Release Solution to Save RAM Capacity: Details

13h
utoday

Bitcoin Halving Not Priced In: Is The Market Still In For A Big Year?

13h
zycrypto

Coinbase becomes a Visa principal member

13h
cryptonewmedia

Coronavirus Effect: Investors Are Selling Bitcoin [BTC] To Increase Cash Positions, Confirms Analyst

13h
coingape

$9,000 is “Do or Die” for Bitcoin: Can Bulls Hold the...

13h
newsbtc

How to Earn Bitcoin with a Mobile Phone in 2020?

13h
cryptodaily

Morgan Creek Digital's Anthony Pompliano Explains Why He Is So Bullish on Bitcoin

13h
cryptoglobe

Таинственный майнер сумел присвоить себе тысячи утерянных владельцами монет Bitcoin Cash

13h
coinfox

XRP, Ethereum Getting Obliterated While Bitcoin’s Dominance Accelerates

13h
zycrypto

ConsenSys Continues Restructuring Process with ConsenSys Health Spin-Off

13h
cryptonewmedia

Bank of Canada: “There is not a compelling case to issue a CBDC.”

13h
cryptodaily

Why Is Bitcoin (BTC) Price Down 12 Percent? Top Analyst Calls Its Safe Haven Status Into Question

13h
utoday

Judge Reduces Bitcoin Miner CEO’s Role in $27M Pump-And-Dump

13h
bitcoinist

Judge Says Plaintiff Can Proceed Against AT&T in $24M Hack Case

13h
cointelegraph

Malta’s Financial Watchdog Releases Industry Feedback on Security Tokens

14h
cointelegraph

Finnish Customs Controls $15 Million in Seized Cryptocurrency

14h
cryptoglobe

Swiss Stock Exchange Invests in Institutional Trading Platform for Digital Assets

14h
cryptonewmedia

Bitcoin (BTC) Hacker Victim Approved to Sue AT&T, Judge Takes His Side

14h
utoday

Tron’s (TRX) Justin Sun Announces BitTorrent (BTT) File System Beta: What's New

14h
utoday


Symmetrical Triangle Pattern May Bolster Bitcoin Bulls

newsbtc

6mon ago

Over the past couple of days Bitcoin has found itself caught within a relatively tight trading range and has continued to find strong support around $10,000. Although some analysts have claimed that this support level is wearing thin, BTC has yet to post a decisive break below this level in recent times.

Now, multiple analysts are noting that Bitcoin has been forming a bullish technical formation that may lead to significantly further gains in the near-future.

At the time of writing, Bitcoin is trading up marginally at its current price of $10,120, which is up slightly from its 24-hour lows of just below $10,000 that were set yesterday.

Throughout the past several months, $10,000 has proven to be a key region of psychological importance, as bulls have responded with heavy buying pressure each time the crypto dipped below this level.

Johnny Moe, a popular cryptocurrency analyst on Twitter, explained in a recent thread of tweets that although he believes Bitcoin will drop significantly lower in the near-future, the existence of a symmetrical triangle may indicate that BTC will soon incur bullish continuation.

“The alternate case? The desc. triangle is garbage and this is a symmetrical triangle, indicating a bias towards bullish continuation. The large consolidation under the .618? It’s just a logical place to see resistance before heading higher. Oh and parabolas? Garbage,” he explained.

The alternate case?

The desc. triangle is garbage and this is a symmetrical triangle, indicating a bias towards bullish continuation.

The large consolidation under the .618? It's just a logical place to see resistance before heading higher.

Oh and parabolas? Garbage.$BTC pic.twitter.com/DGZ8qHrO6E

— Jonny Moe (@JonnyMoeTrades) August 24, 2019

While looking at the chart that Moe referenced, it does appear that traders will know whether or not this symmetrical triangle will lead to a bullish movement upwards in the next one or two months.

Johnny Moe is not alone in his thought that the symmetrical triangle may prove to be a positive thing for BTC’s bulls, as Murad Mahmudov recently pointed to the same formation in a recent tweet, marking it as “Exhibit A” for his bullish case.

1/ Exhibit A pic.twitter.com/yTQLtKuGoD

— Murad Mahmudov 🚀 (@MustStopMurad) August 24, 2019

Furthermore, Mahmudov further elaborated on this symmetrical triangle formation, noting in a chart that there may be further consolidation before it makes an attempt to break upwards.

3/ Exhibit C pic.twitter.com/TbsF8R1O5x

— Murad Mahmudov 🚀 (@MustStopMurad) August 24, 2019

Only time will tell as to whether or not this formation will ultimately prove to be bullish, but a break above it will likely lead the crypto to retest its year-to-date highs of $13,800, and a break above this level could lead it back to its all-time-highs around $20,000.

Regarding any copyrights issue, please contact us:content@hashbee.com.

0 comments