The chart is forming The Symmetrical Triangle. As known Symmetrical Triangle Patterns can break either way (Bullish or Bearish). That's one of the reason why we need to gather as many evidence to support the break out either way. Also this pattern is known from explosiveness. Once it breaks, it will do it rapidly. Generally people like to use tight stop-loss orders when trading the breakouts of this pattern.
Why the price is likely to break upwards but not downwards? Here are the things I find from the chart: -> Bitcoin hit perfectly 0.382 fibonacci level (bounced from MA50) and started to form higher lows. -> Upward movement is supported by Bullish Hidden Divergences which can be found on both indicators (MACD & RSI). -> The price already hit three times support level of this pattern leaving the resistance level with just 2 hits. The count goes like this: 3 times on bottom and 3 times on top. The Symmetrical Triangle likes number three somehow.
Do you want to play detective? Post down below in the comments your evidence and tell which way you think it will go.
Yarr The Pirate Crypto Cat
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The price just went through of downtrend line which is indicating that the price will move further upwards.
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UPDATED: I included possible reversal zone. Even though the price would break the support level of the pattern it can indicate that the price is trying to gain momentum before going back upwards. Aka Up Thrust.
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The price went through of The bottom level of The Symmetrical Triangle Pattern. The price has not reached possible reversal zone yet but this is giving good opportunity to monitor the price movement and test this zone if the price breaks further downwards.
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First signs of recovery.
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Note how the price is hovering above .382 fibonacci level.
1. It seems that the divergence on MACD and RSI has already led to a bullish move. We are beyond that now.
2. The fact that it broke the strong SMA-50 line makes me think that the price will fall
3. I prefer to wait and see if it is going to break the upper or the lower arm of your triangle.
2. The fact that it broke the strong SMA-50 line makes me think that the price will fall
3. I prefer to wait and see if it is going to break the upper or the lower arm of your triangle.
Nice work