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

IncomeSharks tweeted that BTC was looking strong when hitting $16,500.Crypto analyst elaborates on how BTC busted symmetrical triangle patterns.The 200-day MA of BTC is parallel...
Can Bitcoin Break the Symmetrical Triangle Pattern at $16,500? © Reuters. Can Bitcoin Break the Symmetrical Triangle Pattern at $16,500?
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  • IncomeSharks tweeted that BTC was looking strong when hitting $16,500.
  • Crypto analyst elaborates on how BTC busted symmetrical triangle patterns.
  • The 200-day MA of BTC is parallel to the horizontal axis while Bollinger bands expand.

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

As per the previous post, IncomeSharks predicted that BTC would bounce off the support level of $15,500 and predicted it would hit $16,500 as the first target. Consequently, when BTC hit $16,500, IncomeSharks shared the below tweet.

Replying to IncomeSharks, Trader Tardigrade, crypto content creator and pattern analyst consented to IncomeSharks’ idea of Bitcoin looking strong when reaching $16,500.

Additionally, the crypto analyst elaborated on how BTC busted through symmetrical triangle patterns in 2017 and stressed the importance of BTC regaining the apex of the triangle pattern at $16,500.

Subsequently, Tardigrade explained that if BTC was to form the apex of the triangle, then according to Bulkowski’s ThePatternSite.com, the following could be expected.

He referred to Bulkowski’s theory on patterns and stated that approximately 48% of symmetrical triangles would bust. And, out of that 48% that bust, 67% will single bust. Furthermore, he stated that a more powerful rally could be attained in a bust structure as per Bulkowski’s.

Meanwhile, BTC is up 5.46% in the last 24 hours and is trading at $16,593 at press time. Notably, as represented in the chart, BTC has been forming rising triangles in the past, indicated by the Blue, Peach, and Pink colors.

BTC/USDT 1-h Trading Chart on TradingView

Every single time that the apex of the triangle is formed, the prices busted through, and there was an increase in price.

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

And now, the third triangle is forming, and the apex seems to be completely formed. It would be interesting to see how BTC will react after this third triangle.

However, the 200-day MA is parallel to the horizontal axis indicating sideways movement of the price. Intriguingly, the Bollinger bands are expanding, which indicates high volatility.

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

The post Can Bitcoin Break the Symmetrical Triangle Pattern at $16,500? appeared first on Coin Edition.

See original on CoinEdition

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02-12-2022 19:40:09 (UTC+7)

EUR/USD

1.0539

0.0017 (0.16%)

Summary

↑ Buy

Moving Avg:

Buy (12)

Sell (0)

Indicators:

Buy (9)

Sell (0)

EUR/USD

1.0539

0.0017 (0.16%)

Summary

↑ Buy

Moving Avg:

Buy (12)

Sell (0)

Indicators:

Buy (9)

Sell (0)

GBP/USD

1.2283

+0.0030 (+0.24%)

Summary

↑ Buy

Moving Avg:

Buy (12)

Sell (0)

Indicators:

Buy (10)

Sell (0)

USD/JPY

134.04

-1.23 (-0.91%)

Summary

Neutral

Moving Avg:

Buy (4)

Sell (8)

Indicators:

Buy (3)

Sell (2)

AUD/USD

0.6819

+0.0010 (+0.15%)

Summary

Neutral

Moving Avg:

Buy (11)

Sell (1)

Indicators:

Buy (1)

Sell (7)

USD/CAD

1.3424

-0.0008 (-0.06%)

Summary

↑ Sell

Moving Avg:

Buy (0)

Sell (12)

Indicators:

Buy (1)

Sell (9)

EUR/JPY

141.26

-1.10 (-0.77%)

Summary

↑ Buy

Moving Avg:

Buy (11)

Sell (1)

Indicators:

Buy (8)

Sell (0)

EUR/CHF

0.9832

-0.0027 (-0.28%)

Summary

Neutral

Moving Avg:

Buy (2)

Sell (10)

Indicators:

Buy (4)

Sell (1)

Gold Futures

1,812.80

-2.40 (-0.13%)

Summary

↑ Buy

Moving Avg:

Buy (10)

Sell (2)

Indicators:

Buy (8)

Sell (0)

Silver Futures

22.915

+0.074 (+0.32%)

Summary

↑ Buy

Moving Avg:

Buy (11)

Sell (1)

Indicators:

Buy (8)

Sell (1)

Copper Futures

3.8070

-0.0105 (-0.28%)

Summary

↑ Buy

Moving Avg:

Buy (11)

Sell (1)

Indicators:

Buy (8)

Sell (1)

Crude Oil WTI Futures

81.83

+0.61 (+0.75%)

Summary

↑ Buy

Moving Avg:

Buy (12)

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Indicators:

Buy (9)

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Brent Oil Futures

87.40

+0.52 (+0.60%)

Summary

↑ Buy

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Natural Gas Futures

6.749

+0.011 (+0.16%)

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↑ Buy

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Indicators:

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US Coffee C Futures

163.78

-1.97 (-1.19%)

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↑ Sell

Moving Avg:

Buy (4)

Sell (8)

Indicators:

Buy (1)

Sell (6)

Euro Stoxx 50

3,990.35

+5.85 (+0.15%)

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↑ Buy

Moving Avg:

Buy (12)

Sell (0)

Indicators:

Buy (7)

Sell (2)

S&P 500

4,076.57

-3.54 (-0.09%)

Summary

↑ Sell

Moving Avg:

Buy (1)

Sell (11)

Indicators:

Buy (0)

Sell (9)

DAX

14,557.25

66.95 (0.46%)

Summary

Buy

Moving Avg:

Buy (7)

Sell (5)

Indicators:

Buy (5)

Sell (2)

FTSE 100

7,544.90

-13.59 (-0.18%)

Summary

↑ Buy

Moving Avg:

Buy (9)

Sell (3)

Indicators:

Buy (7)

Sell (0)

Hang Seng

18,675.35

-61.09 (-0.33%)

Summary

↑ Sell

Moving Avg:

Buy (0)

Sell (12)

Indicators:

Buy (0)

Sell (8)

US Small Cap 2000

1,884.57

-2.01 (-0.11%)

Summary

↑ Buy

Moving Avg:

Buy (12)

Sell (0)

Indicators:

Buy (6)

Sell (3)

IBEX 35

8,409.57

+1.67 (+0.02%)

Summary

Sell

Moving Avg:

Buy (6)

Sell (6)

Indicators:

Buy (1)

Sell (7)

BASF SE NA O.N.

48.495

+0.635 (+1.33%)

Summary

↑ Buy

Moving Avg:

Buy (12)

Sell (0)

Indicators:

Buy (10)

Sell (0)

Bayer AG NA

54.96

-0.07 (-0.13%)

Summary

↑ Buy

Moving Avg:

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Sell (0)

Indicators:

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Sell (1)

Allianz SE VNA O.N.

202.85

-0.90 (-0.44%)

Summary

↑ Buy

Moving Avg:

Buy (10)

Sell (2)

Indicators:

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Adidas AG

125.73

0.81 (0.65%)

Summary

↑ Sell

Moving Avg:

Buy (5)

Sell (7)

Indicators:

Buy (1)

Sell (6)

Deutsche Lufthansa AG

7.731

+0.155 (+2.05%)

Summary

↑ Buy

Moving Avg:

Buy (12)

Sell (0)

Indicators:

Buy (8)

Sell (1)

Siemens AG Class N

134.56

+0.90 (+0.67%)

Summary

↑ Buy

Moving Avg:

Buy (11)

Sell (1)

Indicators:

Buy (10)

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Deutsche Bank AG

9.960

+0.055 (+0.56%)

Summary

Neutral

Moving Avg:

Buy (5)

Sell (7)

Indicators:

Buy (3)

Sell (1)

    EUR/USD 1.0539 ↑ Buy  
    GBP/USD 1.2283 ↑ Buy  
    USD/JPY 134.04 Neutral  
    AUD/USD 0.6819 Neutral  
    USD/CAD 1.3424 ↑ Sell  
    EUR/JPY 141.26 ↑ Buy  
    EUR/CHF 0.9832 Neutral  
    Gold 1,812.80 ↑ Buy  
    Silver 22.915 ↑ Buy  
    Copper 3.8070 ↑ Buy  
    Crude Oil WTI 81.83 ↑ Buy  
    Brent Oil 87.40 ↑ Buy  
    Natural Gas 6.749 ↑ Buy  
    US Coffee C 163.78 ↑ Sell  
    Euro Stoxx 50 3,990.35 ↑ Buy  
    S&P 500 4,076.57 ↑ Sell  
    DAX 14,557.25 Buy  
    FTSE 100 7,544.90 ↑ Buy  
    Hang Seng 18,675.35 ↑ Sell  
    Small Cap 2000 1,884.57 ↑ Buy  
    IBEX 35 8,409.57 Sell  
    BASF 48.495 ↑ Buy  
    Bayer 54.96 ↑ Buy  
    Allianz 202.85 ↑ Buy  
    Adidas 125.73 ↑ Sell  
    Lufthansa 7.731 ↑ Buy  
    Siemens AG 134.56 ↑ Buy  
    Deutsche Bank AG 9.960 Neutral  
Mua/Bán 1 chỉ SJC
# So hôm qua # Chênh TG
SJC Eximbank6,600/ 6,670
(-40/ -40) # 1,414
SJC HCM6,620/ 6,700
(-15/ -15) # 1,444
SJC Hanoi6,620/ 6,702
(-15/ -15) # 1,446
SJC Danang6,620/ 6,702
(-15/ -15) # 1,446
SJC Nhatrang6,620/ 6,702
(-15/ -15) # 1,446
SJC Cantho6,620/ 6,702
(-15/ -15) # 1,446
Cập nhật 02-12-2022 19:40:11
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$1,798.38 -4.06 -0.23%
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E5 RON 92-II21.67022.100
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Ngoại tệMua vàoBán ra
USD23.930,0024.240,00
EUR24.695,6126.077,28
GBP28.769,6729.995,10
JPY174,05184,25
KRW16,0519,55
Cập nhật lúc 18:54:05 02/12/2022
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