ðĨ Bitcoin Short Term Break Out: Bullish Triangle
Over the last few days we've seen some incredible price movement from Bitcoin. During this move, a clear short term bullish triangle can be seen on the chart. Expect some nice price action in the next 24 hours!
As it stands now, BTC is about to break out of the pattern, either bullish or bearish. In case the pattern will hold, we can expect a bullish break out any time now. The main resistance area of this break out is 42k (the January top). In case we manage to break through that, I can see a 50k Bitcoin within two weeks.
On the other hand, BTC might also bounce off the 42k resistance. It's a strong resistance which has only been targeted once now, so at the very least I'm expecting a minor pull-back. I'm expecting a reversal to happen around the yellow areas of support.
As it stands now, things are looking very decent in the mid-term for Bitcoin.
Happy trading!
As it stands now, BTC is about to break out of the pattern, either bullish or bearish. In case the pattern will hold, we can expect a bullish break out any time now. The main resistance area of this break out is 42k (the January top). In case we manage to break through that, I can see a 50k Bitcoin within two weeks.
On the other hand, BTC might also bounce off the 42k resistance. It's a strong resistance which has only been targeted once now, so at the very least I'm expecting a minor pull-back. I'm expecting a reversal to happen around the yellow areas of support.
As it stands now, things are looking very decent in the mid-term for Bitcoin.
Happy trading!
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