Bitcoin seems to be exhibiting the formation of a rare Expanding Triangle, certain indicators reveal.
Fibonacci retracement and extension values coincide perfectly with this formation as does analysis of our Bitcoin ‘story’.
Should it continue in this formation, it presents an opportunity for a further uptrend in the short-term. And if it matches the expectations of an expanding triangle, there is a possibility it will follow with a final thrust down at a minimum to the point of control marked on the chart, breaking the Ichinoku Senkou span B support line for the second time.
Such an outcome would coincide with our analysis of Bitcoin’s right channel.
While we haven’t played BTC this round, should Papa Bear decide to rise further, our existing setups should fare well.
Until next time,
The target/pattern on this chart is only theory and not a trade signal of any kind. Always do your own research before trading.
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Trading View link: https://www.tradingview.com/chart/BTCUSD/Pk6qXTuM-Triangle-Formation/