Hello, dear members of LeoFinance!
The price chart of Bitcoin continues to fluctuate within the Descending Triangle in the 4-hour time frame (4H):
Interestingly, BTC/USD is almost at the end of the triangle. Hence, very soon it will exit the triangle.
Theoretically, a Descending Triangle is viewed as a trend continuation pattern. But, in an uptrend, it is not the most reliable continuation pattern.
Also, I would like to point out BTC/USD is trying to form a Bullish Engulfing in the daily time frame (1D):
Although a Bullish Engulfing in the daily time frame is not a very reliable signal (at least in my view), it is still a small bullish signal.
To be continued ...
As of the time of writing, one Bitcoin costs $32'691,51 on Bitstamp crypto exchange, according to TradingView.
A few words about me:
Just to let you know: I've been working professionally as a currency analyst for the last 14,5 years, and as a cryptocurrency analyst for the last 3,5 years.
Important!
Keep in mind, that thoughts expressed here are my own, and they should not be regarded as recommendations for any cryptocurrency/commodity trades, investments and etc.
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