For several months, many cryptocurrency analysts have argued that bitcoin prices are locked inside a triangle. However, this triangle trend is likely to be down or symmetrical.
The cryptocurrency investors who are observing the trend themselves are also blinded, not in the shape of formation, but they still do not see a clear direction for the time being. However, a larger percentage of crypto investors and traders expect the triangle to break above the upside, which may prompt Bitcoin prices to retest their previous record high of $20,000.
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There is a lot of confusion and uncertainty in the encryption market. Bitcoin prices are said to have started the next bull market, but the first encrypted asset in history has been consolidating in a tight trading range, indicating that the market is hesitant and short. Once again, it has the upper hand.
Analysts disagree on whether the trend is a falling triangle or a symmetrical triangle. Some even say it is a bull flag, not a triangle.
According to a recent poll by crypt analyst Josh Rager, there is also a conflict between crypto investors and traders themselves. The survey shows that as many as 59% of crypto investors and traders expect the triangle model to resolve upwards, while the remaining 41% are expected to collapse and prices will fall.
According to Bulkowksi, it is the most authoritative expert in identifying chart patterns, and symmetrical triangles are continuation patterns that are usually tilted upwards. This shows that if the price of Bitcoin is indeed in a symmetrical triangle, it will move forward as expected by the encryption trader.
However, Bitcoin may also be in a downward triangle. Most people think that the down triangle is a bearish structure, because the bear market is a big triangle in 2018, the bitcoin price fell to the bottom in December, and BtBulkowski's data shows even a falling triangle. Also broke above 53%. Survey respondents believe that the current trading range has a higher probability of breaking the upside.
If the bitcoin price falls, the structure may be identified as a falling triangle, as seen during the bear market in 2018, and this will make profitable traders of the reverse trader group profitable because the market currently has many expectations. Continue to bullish bitcoin.
Supplement: The triangle finishing breakthrough consists of two parts: the triangle finishing part and the breakthrough part. The triangle finishing part belongs to the stage of gaining momentum, and the breakthrough is the key.
The original text is from NEWSBTC, compiled by the Bluemountain Labs team. The English copyright belongs to the original author. Please contact us for compilation.