The Major Symmetric Triangle of Bitcoin
Here we come with an idea that after a long time, Bitcoin could successfully start a bullish trend starting from Jan. 2020 by successfully breaking up the last trend ATH (as its major resistance). The proceeding month candles also confirmed the bullish trend. However, like every trend, this trend also faced with major obstacles which is natural. No Bullish trend can continue without a pause!
By this we come to a point that a Symmetric Triangle formed, with routes in Feb. 2020 where the Elon Musk come to the game and then turned his effect into the market with negative tweets during May.
Formation of Symmetric Triangle
Such a Formation can be considered natural as:
1. Crypto Market is too Young and has not an experience like this before. Therefore formation of such a pattern is psychologically possible!
2. The continuous negative media waves also results in formation of such a pattern.
3. The rapid and sharp formation of Mass bullish trend since Feb. 2021 resulted most of new players willing to enter into the market, miss the chance! We should consider this fast that bitcoin is a new market for most of people.
4. The Trend needs to be examined and pass the Acid Test. Also such a pause in the trend provides wider opportunities for new players to come
We considered a standard time from for the major events and the possible time frames that a new recovery can come into the ground and recover the bullish trend. However, Symmetric Highs and Lows on this frame is not impossible (if we consider the month timeframe). However, every monthly candle can show us new highs and lows in itself.
By this we come to a point that a Symmetric Triangle formed, with routes in Feb. 2020 where the Elon Musk come to the game and then turned his effect into the market with negative tweets during May.
Formation of Symmetric Triangle
Such a Formation can be considered natural as:
1. Crypto Market is too Young and has not an experience like this before. Therefore formation of such a pattern is psychologically possible!
2. The continuous negative media waves also results in formation of such a pattern.
3. The rapid and sharp formation of Mass bullish trend since Feb. 2021 resulted most of new players willing to enter into the market, miss the chance! We should consider this fast that bitcoin is a new market for most of people.
4. The Trend needs to be examined and pass the Acid Test. Also such a pause in the trend provides wider opportunities for new players to come
We considered a standard time from for the major events and the possible time frames that a new recovery can come into the ground and recover the bullish trend. However, Symmetric Highs and Lows on this frame is not impossible (if we consider the month timeframe). However, every monthly candle can show us new highs and lows in itself.
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