BTC/USD 1D Symmetrical Triangle Pattern
Idea
BTC/USD is on the brink of completing a beautiful symmetrical triangle pattern (isosceles triangle by geometric definition) on the 1D chart. The pattern will meet the apex no later than EOD on 26 Jan’21 (just six days left at time of writing). The set up seems to suggest a bullish continuation for BTC/USD and the 5W EMA which has acted as wonderful support since October is positioned in a way that perfectly coincides with the bottom of the symmetrical triangle giving further confidence that buyers will protect such levels.
Price Structure
Structure Base: 04 Jan '21 @ 27,687.30 (low) to 43,334.02 (high)
Structure Apex: 26 Jan '21 @ 35,560.49
Conclusion
The difference between the high and the low of the symmetrical triangle pattern base was roughly $15,568. Adding this amount to the theoretical exit price of 35,560.49 gives an estimated future level of 51,128.49. However, please keep in mind that there will be LARGE offers at the greatly anticipated psychological level of 50,000. Use the 5W EMA as a support guide on the way up. One last thing of NOTE is that there has been good oscillation within this pattern (movement between the top and bottom). Generally we like to observe the price touch the top and bottom at least twice and in this specific structure the count has actually been three times in both cases...so a bullish continuation seems probable.
BTC/USD is on the brink of completing a beautiful symmetrical triangle pattern (isosceles triangle by geometric definition) on the 1D chart. The pattern will meet the apex no later than EOD on 26 Jan’21 (just six days left at time of writing). The set up seems to suggest a bullish continuation for BTC/USD and the 5W EMA which has acted as wonderful support since October is positioned in a way that perfectly coincides with the bottom of the symmetrical triangle giving further confidence that buyers will protect such levels.
Price Structure
Structure Base: 04 Jan '21 @ 27,687.30 (low) to 43,334.02 (high)
Structure Apex: 26 Jan '21 @ 35,560.49
Conclusion
The difference between the high and the low of the symmetrical triangle pattern base was roughly $15,568. Adding this amount to the theoretical exit price of 35,560.49 gives an estimated future level of 51,128.49. However, please keep in mind that there will be LARGE offers at the greatly anticipated psychological level of 50,000. Use the 5W EMA as a support guide on the way up. One last thing of NOTE is that there has been good oscillation within this pattern (movement between the top and bottom). Generally we like to observe the price touch the top and bottom at least twice and in this specific structure the count has actually been three times in both cases...so a bullish continuation seems probable.
Dagangan ditutup: hentian tercapai
The 5W EMA support was tested today and closed below at roughly 32,000. Further selling pressure seems likely if there is a close below the 50D EMA at 29,370.
Penafian
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