Not so low, Bitcoin prices will increase due to symmetrical triangle patterns

Not so low, Bitcoin prices will increase due to symmetrical triangle patterns

In recent days, Bitcoin (BTC) has been caught in the volatility of pasa. However, strong support levels around Rp. 142 million, preventing BTC from diminishing.

Some analysts said the strength of this support level was starting to weaken, but the BTC did not show a decisive breakthrough below this level in recent tests.

Now, many analysts note that Bitcoin has formed a bullish technical training that could result in significant gains in the short term.

At the time of the press, BTC prices had risen by 2.8% in 12 hours, from 143 million to 148 million, according to Indodax. In recent months, the $ 10,000 level has proven to be a psychologically critical area, as the increase responds to high buying pressure each time the main crypto falls below this level.

Johnny Moe, a popular cryptocurrency analyst on Twitter, explained in his recent tweet that, although he thinks that bitcoin will shrink considerably in the near future, the existence of symmetrical triangle patterns may indicate that BTC will soon be experiencing a continuation bullish. He said:

"An alternative case, descending triangle is bullshit and it is symmetrical Triangle, showing a bias in favor of the continuation of the bullish." Strong consolidation below 0.618 This was just a logical place to watch the Resistance before climbing to a higher level Oh and the parabolic currents It's garbage. "

Looking at the graph referenced by Moe, it seems that traders know if this symmetrical triangle pattern will lead to a bullish bullish movement in the next two months or not.

Johnny Moe is not alone in thinking that the symmetrical triangle could prove to be a good thing for BTC bulls, as Murad Mahmudov recently highlighted the same training in his Twitter tweet, calling it "Performing A" for his bullish case.

In addition, Mahmudov pointed out this symmetrical triangle pattern, he noted in the chart that there could be additional consolidation before trying to break it.

Only time will determine whether this trend will eventually show up or not, but a break above this probability will likely lead the main crypto to retest its highest level this year at 199 million Rp. At the highest level of all time around Rp. 261 million. Let's wait and see.

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