BTC forms Symmetrical Triangle - continuation Pattern
As predicted in my previous analysis, bitcoin has moved out of it's descending wedge pattern. Bitcoin has now formed a continuation pattern of the overall downtrend in the form of a symmetric triangle. For the bullish uptrend to continue, look for a daily bitcoin close above the 50 day moving average and the upper resistance line of the symmetric triangle (firmly above 3850). If Bitcoin fails to overcome this key resistance, we can expect sideways price action followed by an eventual movement to the downside in the near term.
In the long term, I am bullish on Bitcoin and the fundamentals of Bitcoin are growing stronger every day. In the Altcoin space many ambitious projects are working diligently to differentiate themselves from the competition. As the market continues to mature, we will see more and more de-coupling of Altcoins from Bitcoin in price movement as the merits of each project fall under greater scrutiny. Best of luck traders.
In the long term, I am bullish on Bitcoin and the fundamentals of Bitcoin are growing stronger every day. In the Altcoin space many ambitious projects are working diligently to differentiate themselves from the competition. As the market continues to mature, we will see more and more de-coupling of Altcoins from Bitcoin in price movement as the merits of each project fall under greater scrutiny. Best of luck traders.
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