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Breaking News: Dogecoin (DOGE) Soars 8%, But An Uptick In This Metric Suggests A Pullback
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Breaking News: Dogecoin (DOGE) Soars 8%, But An Uptick In This Metric Suggests A Pullback
bitcoin price triangle

Bitcoin Forming Continuation Triangle From ATH, $50K+ Target

Tony Spilotro by Tony Spilotro
3 years ago
in Cryptocurrency news, Bitcoin
Reading Time: 3 mins read
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Bitcoin loves to trade inside triangles. The leading crypto asset by market cap just broke down from a multi-month triangle and spent most of 2018 trapped inside a descending triangle that ultimately broke down.

However, all of this price action may be part of an even larger symmetrical triangle formation dating back as far as Bitcoin’s all-time high, that if confirmed could have a target of over $50,000.

Triangles Inside Triangles And Bitcoin’s Target of $50,000 or More

Bitcoin may currently be in a downtrend, as a result of a triangle that broke down in late December. Technical analysts were torn on if the triangle was a symmetrical triangle, which often suggests continuation is ahead, or a descending triangle, that often leads to a breakdown.

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Related Reading | Bitcoin Price Breaks Down From Triangle, Target Suggests Revisit of $6K

Bitcoin eventually broke down from local highs, suggesting that the asset was indeed in a descending triangle, much like the descending triangle from the 2018 bear market, that also eventually broke down, taking Bitcoin to its bear market bottom at around $3,150.

However, all of this price action may be just noise within a massive symmetrical triangle that Bitcoin may have begun forming well before it’s all-time high was ever set. Bitcoin’s all-time high, in fact, was the first touch of the trend line acting as overhead resistance, and the most recent top at $14,000 is the second.

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I don’t necessarily think this symmetrical triangle will play out

However, if it does, it would be the most epic continuation pattern with a breakout target to $50k+ pic.twitter.com/dnGEMWFpnj

— Crypto Capital Venture ⚡️ (@cryptorecruitr) October 9, 2019

The bottom support trend line is what caught the bottom of the bear market and prevented the price of the leading crypto asset from crashing further. It extends all the way back into Bitcoin’s 2017 bull run, months before the top was ever reached, and at the price level of roughly $1,800.

If the massive structure is a symmetrical triangle as the trend lines would suggest, then the target of the triangle pattern would be somewhere around $50,000. The bottom of the enormous symmetrical triangle would be somewhere around $4,200 – where Bitcoin first broke out from in April 2019, sparking a parabolic rally that only recently topped out.

The target also falls in line with Plan B’s highly cited stock-to-flow model, which suggests Bitcoin will reach a new all-time high of $55,000 by the crypto asset’s upcoming halving in May of 2020.

Related Reading | Crypto Analyst: Bitcoin Downtrend In Full Swing

The only downside to this structure is that with so much room left until the apex of the triangle – where triangles most commonly resolve – a trip to the bottom support structure is likely before another retest of the top trend line occurs. A touch of the bottom trend line, depending on when it takes place, can range from $4,200 in the very near term, to as high as current price levels closer toward the apex.

The apex of the triangle also extends will into 2021, suggesting that a new all-time high may be aways off. However, the triangle target would be somewhere above $50,000, so if the formation is valid, a new all-time high is just about guaranteed.

Tags: bitcoincryptodescending trianglesymmetrical triangletechnical analysisTriangle
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Tony Spilotro

Tony Spilotro

I'm Tony Spilotro. Behind the pseudonym, I'm a global remote work leader with a decade of award-winning content experience and excellence. Here, I explore my newfound passions pertaining to privacy, finance, economics, politics, cryptography, property rights, and other libertarian-esque views. I am a Bitcoin evangelist, maximalist, and educator whenever I can be, helping to spread its message of freedom from government control, monetary policy mismanagement, and passing the buck - literally – to future generations. My journey from a curious retail crypto investor to a serious Bitcoin advocate, trader, and technical analyst is an unusual one, but life-changing nonetheless and has become less about money and more about a long-overdue revolution. While a firm believer in the laws governing math and science, I am profoundly fascinated by the impact of astrology and astronomy including moon and solar cycles and planetary alignment and their ability to influence and potentially predict markets. It hasn't yet clicked for me as to how to put anything to use, but I consider it my current rabbit hole I can't yet dig out of. My perspective of growing up alongside the internet, the dot com era, the Great Recession, and roots in video games collecting coins and rare items caused Bitcoin to immediately make sense to me. Through all of these lenses, I seek to produce content that is educational and entertaining, and I thank you sincerely for taking the time to read what I have to say. Please follow me on Twitter at @tonyspilotroBTC and feel free to drop me a line if you would like to work together.

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