Bitcoin has spent almost the entire 2018, first and second quarter of 2019 trapped inside a downward triangle. The triangle further broke down to a 2019 swing low of upto $8,000. Meanwhile, it seems that this up and down swing lows of the major crypto asset; is a triangular formation since BTC all time high; which speculates a target of upto $50,000. Analysts are torn whether the triangle notates a symmetrical pattern that is descending or one that is rising. Well note, a descending triangle formation often creates a breakdown.
The leading coin recently broke down from a local high which has suggested that it is indeed in a descending triangle. Which bears a striking resemblance to the 2018 bear market that ultimately resulted in the bitcoin ATH of $20K. However, what creates even more similarity to the symmetrical market is the eventual break down of bitcoin to its bear bottom of $3, 150.
The most recent high was realized around mid-june when BTC touched $14,000. In the triangular trend line, the $14K is the second touch after Bitcoin’s all time high in 2018. The all time high seemingly represents an overhead resistance towards the coin’s price action. Well, it is also likely that the current price action is just an undertone within the massive symmetrical triangle; that Bitcoin began forming before it set the all time high in 2018.
Note that the support trend line at the bottom created a bear market resistance. The resistance eventually prevented Bitcoin’s price from plunging further below the bear market. Hence, it also seems that the current trend extends back to 2017’s bitcoin bull run. Several months before the top was attained and at the price point of approximately $1, 800.
Bottom Line
In case the current market situation is close to a symmetrical triangle formation; then it suggest that the pattern will hit around $50,000. The bottom of which is an enormous symmetrical triangle at $4,200. This is the price point that bitcoin broke out from at the beginning of April this year. As a result, sparking a parabolic rally which is currently topping out.
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