Can Bitcoin Break the Symmetrical Triangle Pattern at $16,500? by CoinEdition

© Reuters. Can Bitcoin Break the Symmetrical Triangle Pattern at $16,500?
  • IncomeSharks tweeted that BTC was looking strong at $16,500.
  • A cryptocurrency analyst explains how BTC has managed to adjust the symmetrical triangle pattern.
  • BTC’s 200-day moving average is parallel to the horizontal axis while Bollinger bands are expanding.

Crypto and market education channel, IncomeSharks tweeted that it was looking strong when it hit the $16,500 mark. IncomeSharks made the above statement in a follow-up comment on a post I shared earlier today.

According to the previous post, IncomeSharks predicted that BTC would bounce off the $15,500 support level and predicted it would reach $16,500 as the first target. Hence, when BTC price reached $16,500, IncomeSharks shared the tweet below.

In response to IncomeSharks, Trader Tardigrade, cryptocurrency content creator, and pattern analyst agreed with IncomeSharks’ idea that Bitcoin looks strong towards $16,500.

In addition, the cryptocurrency analyst explained how BTC broke through the symmetrical triangle pattern in 2017 and stressed the importance of BTC regaining the top of the triangle pattern at $16,500.

Then, Tardigrade explained that if BTC were to form the top of the triangle, then according to Bulkowski’s, the following can be expected.

He referred to Bulkowski’s theory of patterns and stated that approximately 48% of symmetric triangles will collapse. Of that 48 percent, 67 percent will collapse. Furthermore, he stated that stronger height could be achieved in the structure of the statue according to Bulkowski.

Meanwhile, BTC is up 5.46% over the past 24 hours and is trading at $16,593 at time of writing. Notably, as shown in the chart, Bitcoin has been forming ascending triangles in the past, indicated by the colors blue, peach, and pink.

1-hour BTC/USDT trading chart on TradingView

Each time the top of the triangle is formed, prices crash, and a price increase occurs.

Once BTC broke the first triangle, its price rose from $15,835 to $16,170 within an hour. When BTC broke the second triangle, BTC price increased from $16,221 to $16,508 within an hour.

And now, the third triangle is forming, and its apex appears to be fully formed. It will be interesting to see how Bitcoin will react after this third triangle.

However, the 200 day moving average is parallel to the horizontal axis which indicates a sideways movement in the price. Interestingly, the Bollinger bands are widening, which indicates high volatility.

Disclaimer: Reviews and opinions, as well as all information shared in this price forecast, are posted in good faith. Readers should do their research and due diligence. Any action taken by the reader is at their own risk. Coin Edition and its affiliates will not be liable for any direct or indirect damage or loss.

Post Can Bitcoin Break the Symmetrical Triangle Pattern at $16,500? It first appeared in Coin Edition.

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