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Analysis: Bitcoin primed for a price break out

Bitcoin is sitting inside a mammoth 5-month trading pattern—with a possible breakout approaching in the next 10 days. The pattern is called a symmetrical triangle, and refers to a chart characterized by two converging trend lines connecting a series of sequential peaks and troughs.

Looking back over the last 160 days, bitcoin’s price sat neatly inside this pattern–the first signs of it emerged in May this year, when bitcoin’s price rallied from a low of $5,000.

From there, bitcoin gained steadily over the next two months, to hit a high of nearly $14,000 in June. That was followed by three distinct lower highs of $13000, $12000 and $11000, in July, August and September, as the chart below shows.

Bitcoin has been fitly into this triangle pattern, but for how much longer?

On the…

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