{"id":400932,"date":"2019-10-09T18:00:07","date_gmt":"2019-10-09T18:00:07","guid":{"rendered":"https:\/\/ktsl888.com\/?p=400932"},"modified":"2019-10-09T15:51:19","modified_gmt":"2019-10-09T15:51:19","slug":"bitcoin-forming-continuation-triangle-from-ath-50k-target","status":"publish","type":"post","link":"https:\/\/ktsl888.com\/news\/bitcoin-forming-continuation-triangle-from-ath-50k-target\/","title":{"rendered":"Bitcoin Forming Continuation Triangle From ATH, $50K+ Target"},"content":{"rendered":"<p class=\"p1\"><span class=\"s1\"><a href=\"\/tag\/bitcoin\" rel=\"nofollow\">Bitcoin<\/a> loves to trade inside triangles. The leading crypto asset by market cap just broke down from a multi-month triangle and spent most of 2018 trapped inside a descending triangle that ultimately broke down.<\/span><\/p>\n<p class=\"p1\"><span class=\"s1\">However, all of this price action may be part of an even larger symmetrical triangle formation dating back as far as Bitcoin\u2019s all-time high, that if confirmed could have a target of over $50,000.<\/span><\/p>\n<h2>Triangles Inside Triangles And Bitcoin&#8217;s Target of $50,000 or More<\/h2>\n<p class=\"p1\"><span class=\"s1\"><a href=\"\/tag\/bitcoin\" rel=\"nofollow\">Bitcoin<\/a> may currently be in a downtrend, as a result of a triangle that broke down in late December. Technical analysts were torn on if the triangle was a symmetrical triangle, which often suggests continuation is ahead, or a descending triangle, that often leads to a breakdown.<\/span><\/p>\n<p style=\"text-align: center\"><em><strong>Related Reading | <a href=\"https:\/\/ktsl888.com\/2019\/08\/29\/bitcoin-price-breaks-down-from-triangle-target-suggests-revisit-of-6k\/\">Bitcoin Price Breaks Down From Triangle, Target Suggests Revisit of $6K<\/a><\/strong><\/em><\/p>\n<p class=\"p1\"><span class=\"s1\">Bitcoin eventually broke down from local highs, suggesting that the asset was indeed in a descending triangle, much like the descending triangle from the 2018 bear market, that also eventually broke down, taking Bitcoin to its bear market bottom at around $3,150.<\/span><\/p>\n<p class=\"p1\"><span class=\"s1\">However, all of this price action may be just noise within a massive symmetrical triangle that Bitcoin may have begun forming well before it\u2019s all-time high was ever set. Bitcoin\u2019s all-time high, in fact, was the first touch of the trend line acting as overhead resistance, and the most recent top at $14,000 is the second.<\/span><\/p>\n<blockquote class=\"twitter-tweet\" data-width=\"500\" data-dnt=\"true\">\n<p lang=\"en\" dir=\"ltr\">I don\u2019t necessarily think this symmetrical triangle will play out<\/p>\n<p>However, if it does, it would be the most epic continuation pattern with a breakout target to $50k+ <a href=\"https:\/\/t.co\/dnGEMWFpnj\" rel=\"nofollow\">pic.twitter.com\/dnGEMWFpnj<\/a><\/p>\n<p>&mdash; Dan Gambardello (@cryptorecruitr) <a href=\"https:\/\/twitter.com\/cryptorecruitr\/status\/33692161?ref_src=twsrc%5Etfw\" rel=\"nofollow\">October 9, 2019<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p class=\"p1\"><span class=\"s1\">The bottom support trend line is what caught the bottom of the bear market and prevented the price of the leading crypto asset from crashing further. It extends all the way back into Bitcoin\u2019s 2017 bull run, months before the top was ever reached, and at the price level of roughly $1,800.<\/span><\/p>\n<p class=\"p1\"><span class=\"s1\">If the massive structure is a symmetrical triangle as the trend lines would suggest, then the target of the triangle pattern would be somewhere around $50,000. The bottom of the enormous symmetrical triangle would be somewhere around $4,200 \u2013 where <a href=\"\/tag\/bitcoin\" rel=\"nofollow\">Bitcoin<\/a> first broke out from in April 2019, sparking a parabolic rally that only recently topped out.<\/span><\/p>\n<p class=\"p1\"><span class=\"s1\">The target also falls in line with <a href=\"https:\/\/ktsl888.com\/2019\/10\/01\/bitcoin-falls-below-stock-to-flow-model-will-the-halving-be-front-run-by-bulls\/\">Plan B\u2019s highly cited stock-to-flow model<\/a>, which suggests Bitcoin will reach a new all-time high of $55,000 by the crypto asset\u2019s upcoming halving in May of 2020.<\/span><\/p>\n<p style=\"text-align: center\"><em><strong>Related Reading | <a href=\"https:\/\/ktsl888.com\/2019\/10\/07\/crypto-analyst-bitcoin-downtrend-in-full-swing\/\">Crypto Analyst: Bitcoin Downtrend In Full Swing<\/a><\/strong><\/em><\/p>\n<p class=\"p1\"><span class=\"s1\">The only downside to this structure is that with so much room left until the apex of the triangle \u2013 where triangles most commonly resolve \u2013 a trip to the bottom support structure is likely before another retest of the top trend line occurs. A touch of the bottom trend line, depending on when it takes place, can range from $4,200 in the very near term, to as high as current price levels closer toward the apex. <\/span><\/p>\n<p class=\"p1\"><span class=\"s1\">The apex of the triangle also extends will into 2021, suggesting that a new all-time high may be aways off. However, the triangle target would be somewhere above $50,000, so if the formation is valid, a new all-time high is just about guaranteed. <\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Bitcoin loves to trade inside triangles. The leading crypto asset by market cap just broke down from a multi-month triangle and spent most of 2018 trapped inside a descending triangle that ultimately broke down. However, all of this price action may be part of an even larger symmetrical triangle formation dating back as far as Bitcoin\u2019s all-time high, that if confirmed could have a target of over $50,000. Triangles Inside Triangles And Bitcoin&#8217;s Target of $50,000 or More Bitcoin may currently be in a downtrend, as a result of a triangle that broke down in late December. Technical analysts were torn on if the triangle was a symmetrical triangle, which often suggests continuation is ahead, or a descending triangle, that often leads to a breakdown. Related Reading | Bitcoin Price Breaks Down From Triangle, Target Suggests Revisit of $6K Bitcoin eventually broke down from local highs, suggesting that the asset was indeed in a descending triangle, much like the descending triangle from the 2018 bear market, that also eventually broke down, taking Bitcoin to its bear market bottom at around $3,150. However, all of this price action may be just noise within a massive symmetrical triangle that Bitcoin may have begun forming well before it\u2019s all-time high was ever set. Bitcoin\u2019s all-time high, in fact, was the first touch of the trend line acting as overhead resistance, and the most recent top at $14,000 is the second. I don\u2019t necessarily think this symmetrical triangle will play out However, if it does, it would be the most epic continuation pattern with a breakout target to $50k+ pic.twitter.com\/dnGEMWFpnj &mdash; Dan Gambardello (@cryptorecruitr) October 9, 2019 The bottom support trend line is what caught the bottom of the bear market and prevented the price of the leading crypto asset from crashing further. It extends all the way back into Bitcoin\u2019s 2017 bull run, months before the top was ever reached, and at the price level of roughly $1,800. If the massive structure is a symmetrical triangle as the trend lines would suggest, then the target of the triangle pattern would be somewhere around $50,000. The bottom of the enormous symmetrical triangle would be somewhere around $4,200 \u2013 where Bitcoin first broke out from in April 2019, sparking a parabolic rally that only recently topped out. The target also falls in line with Plan B\u2019s highly cited stock-to-flow model, which suggests Bitcoin will reach a new all-time high of $55,000 by the crypto asset\u2019s upcoming halving in May of 2020. Related Reading | Crypto Analyst: Bitcoin Downtrend In Full Swing The only downside to this structure is that with so much room left until the apex of the triangle \u2013 where triangles most commonly resolve \u2013 a trip to the bottom support structure is likely before another retest of the top trend line occurs. A touch of the bottom trend line, depending on when it takes place, can range from $4,200 in the very near term, to as high as current price levels closer toward the apex. The apex of the triangle also extends will into 2021, suggesting that a new all-time high may be aways off. However, the triangle target would be somewhere above $50,000, so if the formation is valid, a new all-time high is just about guaranteed.<\/p>\n","protected":false},"author":517,"featured_media":400934,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[5651,3],"tags":[428,6664,50132,41129,4078,4227],"class_list":["post-400932","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-bitcoin","category-news","tag-bitcoin","tag-crypto","tag-descending-triangle","tag-symmetrical-triangle","tag-technical-analysis","tag-triangle"],"acf":[],"yoast_head":"\n<title>Bitcoin Forming Continuation Triangle From ATH, $50K+ Target<\/title>\n<meta name=\"description\" content=\"Bitcoin loves to trade inside triangles. 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As the Head of Research at NewsBTC, Tony leads a team dedicated to providing cutting-edge insights and forecasts, helping both novice and experienced traders navigate the complexities of the crypto market. A seasoned Chartered Market Technician, Tony's prowess in identifying and capitalizing on market patterns is unmatched. His academic and professional journey in market analysis has firmly established him as a leading authority in technical trading strategies. Tony\u2019s approach is heavily influenced by the principles of Elliott Wave Theory, a method known for its rigorous assessment of investor psychology and price movements. Beyond his role at NewsBTC, Tony is the visionary founder of CoinChartist.io, an educational platform aimed at demystifying the nuances of cryptocurrency trading. CoinChartist.io serves as a valuable resource for traders seeking to enhance their technical analysis skills. The platform offers a range of learning tools and resources designed to empower traders with the knowledge to make informed trading decisions. In addition to his educational initiatives, Tony is a prolific author and a dominant voice in the crypto community. He writes the CoinChartist VIP newsletter, a weekly dispatch that has become a staple among crypto enthusiasts, revered for its insightful analysis and actionable trading advice. This newsletter has consistently ranked as a best-seller on SubStack, boasting thousands of subscribers who rely on Tony\u2019s expertise to guide their trading strategies. Tony is also celebrated for his literary contributions to the field. He is the author of the highest-rated Crypto Trading Journal on Amazon.com, a testament to his ability to communicate complex trading concepts in an accessible manner. This journal is widely regarded as an essential tool for traders aiming to track their progress and refine their strategies. 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His forecasts often anticipate significant upturns, earning him a reputation for bullish predictions that have frequently led to lucrative outcomes for those who follow his advice. In summary, Tony \\\"The Bull\\\" Severino, CMT, is more than just a technical analyst; he is a mentor, educator, and innovator whose influence in the cryptocurrency space continues to grow. His dedication to advancing the understanding of market forces and his commitment to providing high-quality, reliable analysis make him a pivotal figure in the world of cryptocurrency trading.\",\"sameAs\":[\"https:\/\/coinchartist.io\/\",\"https:\/\/www.instagram.com\/coinchartist_io\/\",\"https:\/\/x.com\/https:\/\/twitter.com\/tonythebullBTC\",\"https:\/\/www.youtube.com\/@coinchartist_io\"],\"url\":\"https:\/\/ktsl888.com\/author\/tonymspilotro\/\"}]}<\/script>\n","yoast_head_json":{"title":"Bitcoin Forming Continuation Triangle From ATH, $50K+ Target","description":"Bitcoin loves to trade inside triangles. 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