A new bull run in bitcoin is set to begin. Is this the end of the cryptoverse’s deep freeze? Very likely. To discover more, keep reading our technical analysis of Bitcoin.
Does Bitcoin have the potential to exit the symmetric triangle?
The price of Bitcoin has been fluctuating since June 18 after a brief period of compression and stability. A stability that should end and give way to increasing volatility is one that is between $21,800 and $18,600.
With significant volatility, the price of Bitcoin is about to exit the symmetrical triangle. The “king of cryptocurrencies,” Bitcoin, does indeed show a symmetrical trough triangle as it moves along. This chartist pattern can be explained by the market’s unpredictability of investors. When the price reaches the triangle’s support or resistance levels, it suggests that there may be significant volatility ahead. Therefore, the emergence of this symmetrical triangle could signal the termination of the downward trend that began in November.
On a 4-hour time period, the slanting resistance line (top) that creates the symmetrical triangle is being approached, as seen from the Bitcoin price chart. After that, the price might break out and begin another bull run. The price must be able to close over the resistance, though. By overcoming this barrier, it might establish support near the $20,500 mark.
But in addition to the symmetrical triangle, we can also make out the formation of a W inside the triangle. There is a strong likelihood that Bitcoin will begin the long-awaited bull run with these two reversal patterns.
What do the indications on the symmetric triangle on the price of bitcoin tell us?
Average movement
The price of Bitcoin has already surpassed the 50 moving average, indicating that a bull run is imminent.
Bands by Bollinger
The Bollinger Bands are separating, which indicates that volatility will be significant.
Volume
The different economic reports that will be released tomorrow may make it possible to boost market volume. Additionally, since June, volumes have been rising. This reaffirms the impending arrival of volatility.
Will the price of Bitcoin (BTC) skyrocket?
Yes, it is very likely that the price of Bitcoin will rise. This is due to the symmetrical triangle’s ability to generate bullish indications for Bitcoin when paired with technical indicators.
