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Symmetrical Triangle Pattern May Bolster Bitcoin Bulls

newsbtc

1mon 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.

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