Welcome to a dewy Bitcoin price analysis at the TA-Tuesday on crypto Monday. Today I have for all Bitcoin good news bulls. While yesterday looked like after that, that the Bitcoin exchange rate is excreted in lot of bids due soon territory, he was able to close the over a course of a level of 9,400$ and bullishes scenario is maintained.
But what exactly does that mean? And the eternal will find Back-and-Forth between 9,000 and$ 10,000 ever end?
The answers to these questions and much more you can learn here and now!
Bitcoin is still in its ascending triangle
In order to obtain a bullishes scenario, continue to be upright, it was for the Bitcoin course, extremely important, that the price of the day above the 50-MA-connect line on the daily Chart and above the lower trend line of the Formation.
As you to the bottom of the Chart can see, this is the Bitcoin exchange rate as well. He managed the day yesterday with a closing price of 9.430$ complete, although he has since been traded for roughly 8,900$ significantly below this level.
Fig.1: Bitcoin exchange rate in a rising triangle.
Thus, the Bitcoin price is in a rising triangle, which is considered to be a bullish consolidation formation.
Characteristic for this Formation, the horizontal top and upward sloping bottom trend line, which of course jumps back and forth are. The steadily decreasing volume during the formation, the formation is a typical characteristic, while early outbreaks, such as of from 1. June are also not uncommon. Rising triangles tend to be prone to premature breakouts, both up as well as down.
Bitcoin exchange rate toying with 11,800$
To give you a sense of what this could mean rising triangle for the Bitcoin exchange rate, it is advisable to calculate the minimum price target. This calculation is in a rising triangle is very simple. You have to measure only the formation height and this value on the horizontal trend line add.
As you can see on the bottom chart, is the formation height of 1,800$, which gives the Bitcoin exchange rate, a minimum exchange rate target of around 11,800$. A level last seen in August 2019.
Fig.2: minimum exchange rate target for the Bitcoin price at the time of a valid break to the upside.
The minimum price target is achieved in the case of a rising triangle in 89 percent of all cases, which is a very reliable value.
How likely is the bullish scenario for Bitcoin is?
Rising triangles have an error rate of 32 percent. That means in plain text, not a rate increase in the following in more than 3 out of 10 cases. Only after a valid breakout through the upper trend line, this error rate drops to 2 percent.
At the same time, the ascending triangle is not the only chart pattern that fits the current Bitcoin exchange rate movements. Also we have already discussed BARR Top is a true chart pattern, since the Bitcoin exchange rate also has all the necessary characteristics. These include
a trend line with a slope angle of about 30 per cent during the initiation phase, which lasts approximately 1 month,followed by the so-called Bump-in Phase with a steeper trend line, and a pitch angle of approximately 60 percent, with growth in least twice as high as the High during the initiation phase.
At the end of the Bump Phase, the course returns to the first trend line from the introduction phase. Exactly this happened yesterday also.
Fig.3: Bitcoin exchange rate in the BARR Top Formation.
The Bitcoin Shop has not already spoken yesterday about this clearly bearish scenario in a current Bitcoin exchange rate forecast and noted that when you re-Reach the first trend line is a short response to the above, followed by a re crash would be unusual.
So what we are seeing currently, could be this short response to the above, on the another crash follows.
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Patience is the motto here
If it could go to both – as well as downward, what is the Whole here?
Quite simple. Currently, there are more than just a possible truth about the future of the Bitcoin price. This makes the price zone between 9,000 and$ 10,000 to a non-trading zone, because as long as you can discard neither bearish nor bullish scenario, both have theories of their existence. This also explains why the Bitcoin price within this price range, it is so highly volatile. Taking a Long or Short Position is like a 50/50 Chance.
Only after the Bitcoin exchange rate exceeded either the$ 10,000 or the$ 9,000 in below steps, we can say that one or the other Formation is a failure. What we need to apply here, then, is the exclusion, in order to filter out a true truth. And we can only achieve this by waiting patiently, as the current Setup will resolve. Possible we already know at the end of this week.
Disclaimer: This article and any information contained in it constitute in any way a trade recommendation. #DYOR
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