Get 40% Off
🤯 This Tech Portfolio is up 29% YTD! Join Now to Get April’s Top PicksGet The Picks – Just 99 USD

Can Bitcoin Break the Symmetrical Triangle Pattern at $16,500?

Published 11/23/2022, 01:09 PM
Updated 11/23/2022, 01:30 PM
© Reuters.  Can Bitcoin Break the Symmetrical Triangle Pattern at $16,500?

© Reuters. Can Bitcoin Break the Symmetrical Triangle Pattern at $16,500?

  • IncomeSharks tweeted that BTC was looking strong when hitting $16,500.
  • Crypto analyst elaborates on how BTC busted symmetrical triangle patterns.
  • The 200-day MA of BTC is parallel to the horizontal axis while Bollinger bands expand.

Crypto and market education channel, IncomeSharks tweeted that Bitcoin was looking strong when hitting the $16,500 mark. IncomeSharks made the above statement in a follow-up comment to a post it shared earlier in the day.

As per the previous post, IncomeSharks predicted that BTC would bounce off the support level of $15,500 and predicted it would hit $16,500 as the first target. Consequently, when BTC hit $16,500, IncomeSharks shared the below tweet.

Replying to IncomeSharks, Trader Tardigrade, crypto content creator and pattern analyst consented to IncomeSharks’ idea of Bitcoin looking strong when reaching $16,500.

Additionally, the crypto analyst elaborated on how BTC busted through symmetrical triangle patterns in 2017 and stressed the importance of BTC regaining the apex of the triangle pattern at $16,500.

Subsequently, Tardigrade explained that if BTC was to form the apex of the triangle, then according to Bulkowski’s ThePatternSite.com, the following could be expected.

He referred to Bulkowski’s theory on patterns and stated that approximately 48% of symmetrical triangles would bust. And, out of that 48% that bust, 67% will single bust. Furthermore, he stated that a more powerful rally could be attained in a bust structure as per Bulkowski’s.

Meanwhile, BTC is up 5.46% in the last 24 hours and is trading at $16,593 at press time. Notably, as represented in the chart, BTC has been forming rising triangles in the past, indicated by the Blue, Peach, and Pink colors.

BTC/USDT 1-h Trading Chart on TradingView

Every single time that the apex of the triangle is formed, the prices busted through, and there was an increase in price.

Once BTC broke the first triangle, its price surged from $15,835 to $16,170 within an hour. When BTC busted the second triangle, the price of BTC increased from $16,221 to $16,508 within an hour.

And now, the third triangle is forming, and the apex seems to be completely formed. It would be interesting to see how BTC will react after this third triangle.

However, the 200-day MA is parallel to the horizontal axis indicating sideways movement of the price. Intriguingly, the Bollinger bands are expanding, which indicates high volatility.

Disclaimer: The views and opinions, as well as all the information shared in this price prediction, are published in good faith. Readers must do their research and due diligence. Any action taken by the reader is strictly at their own risk. Coin Edition and its affiliates will not be held liable for any direct or indirect damage or loss.

The post Can Bitcoin Break the Symmetrical Triangle Pattern at $16,500? appeared first on Coin Edition.

See original on CoinEdition

Latest comments

Investing in forex/crypto investment stands to be the best decision I've ever made in my life. With the help of a trust worthy broker which is 🅰🅼🅴🅻🅸🅰 🅻🆄🅲🅰🆂 🅵🆇🆃🆁🅰🅳🅴huge profits weekly despite the fluctuations of the market.I advise everyone to try her out on Insta✉️✉️ Gram
Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.