Bitcoin is about to start a new bull run. Is this the end of the great depression for cryptos? Probably. Follow us in this technical analysis of Bitcoin to learn more.
Technical Analysis: Will Bitcoin Break Out of the Symmetric Triangle?
After a few days of compression and stability, since June 18, the price of Bitcoin has plummeted tidy. Stability between $ 21,800 and $ 18,600 but greater volatility should be stopped.
Yes, the price of Bitcoin is about to break out of the symmetrical triangle, accompanied by high volatility. In fact, Bitcoin, “the king of cryptocurrencies”, shows a symmetrical trough triangle on its course. This is a chart pattern explained by uncertain market investors. When the price crosses the resistance or support of the triangle, it indicates the potential for high volatility. So the appearance of this symmetrical triangle could mean the end of the downturn that began last November.
As we can see from the Bitcoin price chart, on a 4 hour time scale, the price is approaching the slanting resistance line (top) which is the symmetrical triangle. The price may then break out and start a new bull run. However, the price will need to be able to close above the resistance. By breaking out of this resistance, it could create support at the $ 20,500 level.
However, not only is the triangle symmetrical, we also see W building a shape inside the triangle. With these two reversal patterns, there would be a good chance that Bitcoin will start the long-awaited bull run.
Symmetric triangle of Bitcoin price – What indicators tell us?
The 50-day moving average has already been surpassed by the price of Bitcoin, which means the price is ready for a bull run.
The Bollinger Bands are moving apart which means high volatility is coming.
The various economic news published tomorrow should allow the market size to increase. In addition, volumes have been increasing since June. This, once again, confirms the advent of volatility to come.
Concluding remarks: Will Bitcoin (BTC) explode higher?
Yes, Bitcoin is very likely to explode higher. This is because the symmetrical triangle, combined with the technical indicators, gives bullish signals on Bitcoin.
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