Something Big Is Coming For Bitcoin!! Things To Watch For
As we see, Bitcoin has been forming an ascending flat top triangle, which is a bullish sign should we break out at the top. So what should we expect over the next few days and what are the price targets for Bitcoin?
Should Bitcoin manage to stay in and maintain the price action required to break out of the ascending triangle, what we would want to see is a retest of the top as support, which now acts as resistance. Should this happen, the price target for Bitcoin is placed inside of the Golden pocket on the FIB retracement scale at around the 57-58K price area.
However, should BTC fail to break out at the top of this triangle, then the bottom target for that kind of scenario is back to around the 45K area.
The below chart outlines the 3 main characteristics of price action that is used to determine healthy movement, which is resistance, breaking resistance and retesting as support successfully. Using this type of movement BTC creates the perfect foundation for an impulsive move to the upside and a break to the top.
Should Bitcoin manage to stay in and maintain the price action required to break out of the ascending triangle, what we would want to see is a retest of the top as support, which now acts as resistance. Should this happen, the price target for Bitcoin is placed inside of the Golden pocket on the FIB retracement scale at around the 57-58K price area.
However, should BTC fail to break out at the top of this triangle, then the bottom target for that kind of scenario is back to around the 45K area.
The below chart outlines the 3 main characteristics of price action that is used to determine healthy movement, which is resistance, breaking resistance and retesting as support successfully. Using this type of movement BTC creates the perfect foundation for an impulsive move to the upside and a break to the top.
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