Bitcoin on the move
The crypto market has been on an elevator ride to the basement since December. It's fair to say that crypto has been a tough place to be lately, with a lot of pain being taken by the late-comers. Finally some upside is taking place.
The Stats:
Bitcoin is up 19.65%
Ethereum is up 29.54%
Litecoin is up 12.36%
Bitcoin Cash is up 17.89%
It's exciting to finally see a rise in price after being in the doldrums for what possibly feels like an eternity for those who got into Bitcoin at $19k. But, it's important to not allow emotions to cloud your judgement and assume that this is a bounce off the bottom. This movement could continue upward, however the majority of Bitcoin's momentum is to the downside at this moment. There would have to be a pretty powerful movement upward to break through.
We see a symmetrical triangle forming. Triangles can appear during both continuation and reversal moves, so one cannot say whether this is bearish or bullish. Generally, it is good practice to wait for a breakout if one were to make a trade in this situation.
We see the same pattern forming in all the major coins...
Draw this pattern yourself using tradingview and watch to see which direction this market goes!
It will be interesting to see this symmetrical triangle breakout to the upside in such a bearish environment.
If you would like to learn a bit more about traingle patterns, check out this article by Investopedia.
Thanks for Reading!
Disclaimer: I am not a financial advisor. The articles that I write are for educational purposes only. Do your own research and hold yourself accountable for the investments that you choose to make.
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