Bitcoin Price Watch: Ascending Triangle Suggests Bullish Momentum
Towards the end of last week, we published an article that outlined the intraday action in the bitcoin price, and suggested that we may see some bullish momentum as we headed into the weekend. Action throughout Saturday and Sunday has validated this suggestion, and the bullish run early Monday morning (GMT) has culminated in a classical technical charting pattern that - once again - hints at further upside. This said, what are the levels to watch as we head into the European open? Let's take a look. The aforementioned bullish run topped out just shy of 280 flat, before correcting about....
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A little earlier on this morning we published a piece highlighting the ascending triangle that formed in the bitcoin price early Monday morning, and the potential bullish momentum that this ascending triangle inferred. We suggested that - upon pattern completion - a target of 283.50 would be initially valid, and if we can break above this, it would suggest further bullish momentum. A look at the chart shows the pattern completing shortly before lunch (GMT) and the ensuing run towards our initial target. We hit the target in the last 15 minutes or so, so where are we looking for the bitcoin....
Bitcoin Price Key Highlights. Bitcoin price has surged up to the $300 mark once more, testing the long-term ascending triangle resistance visible on the daily time frame. An upside breakout could put bitcoin price on track towards reaching new highs while a return in selling pressure could lead to a test of the triangle support. Bitcoin price is enjoying strong bullish momentum at the moment, with the latest rally taking it up to the top of the ascending triangle around $300. Bounce or Break? Technical indicators are showing that the rally might already be overdone, as stochastic and RSI....
The upside outlook appears as ETH price eyes a breakout above its five-month-old resistance trendline. Ethereum's native token Ether (ETH) has rallied by more than 415% this year to over $3,800, and two major bullish patterns developing on its charts highlight the scope for another upside move, ultimately toward the $6,200–$6,500 price range.ETH price eyes $4K resistance breakoutThe first decisive break above the psychological $4,000-mark, which serves as a resistance trendline to a five-month-old ascending triangle and a cup and handle pattern, could trigger a textbook price rally in the....
Ethereum has the potential to extend its ongoing upside move towards or above $1,500. The second-largest cryptocurrency broke above a consolidation price channel on Wednesday, breaking its upper trendline on surging volumes. So it appears, the channel is an Ascending Triangle that traders perceive as a bullish continuation indicator. An Ascending Triangle structure develops when […]
Bitcoin price broke below its triangle support to indicate that the selloff isn’t over yet. Bitcoin Price Key Highlights. Bitcoin price was trading inside an ascending triangle pattern as illustrated in a previous article. Price broke below support, indicating a pickup in bearish momentum and a likely drop to the triangle lows around $580. Technical indicators are also suggesting that further declines are possible. Technical Indicators Signals. The 100 SMA is below the 200 SMA so the path of least resistance is still to the downside. In addition, these moving averages held as dynamic....