Bitcoin Inside a Symmetrical Triangle Pattern

BTCUSD

As seen in the chart, Bitcoin is inside of what looks like a Symmetrical Triangle Pattern, www.freeonlinetradin...iangle-breakout.html , those are consolidation patterns, that usually ends up wasting a lot of time and going nowhere. A powerful move is to be expected once it breaks out of the pattern.

Since the previous move preceding the triangle is to the upside, odds are high that it will break to the upside.

The invalidation point is 8,200 USD. If it breaks below that, chances are it is going much lower.

There is an Open Gap on the CME Futures Chart of Bitcoin. Almost all Gaps get filled, so chances are high that it will close the Gap this week with a move to $9,200 USD.

RSI is oversold in the short term, so a move to $9,600 USD to complete Wave (d) would be expected this week. And after that a down move to complete Wave (e). It does not necessarily have to do that, but that is what I am expecting.

Good Luck to You

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Gap already been filled. In it’s way to $9,600 USD.

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I'm updating the chart. Maybe there is a small push left to $9,800 USD before Wave (e) starts.

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Bitcoin Breaks Symmetrical Triangle Pattern to the upside. Target would be $11,800 USD.

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Bitcoin broke the triangle to the upside and then broke back down again. False breakout?, I don’t know. But as long as we stay above $8,800 USD, I’m staying bullish.