Bitcoin might be gearing up for potentially significant move
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I do NOT trade opinions. I trade set-ups via classical charting principles. I avoid trades when price is range bound. My entry is on completed patterns.A triangle is a chart pattern depicted by trendlines along a converging price range, indicating a pause in the prevailing trend. Technical analysts categorize triangles as continuation patterns of an existing trend or a reversal., the largest cryptocurrency by market capitalization, experienced a sell-off during Sunday's trading session.
Despite the triangle pattern being a continuation pattern, traders are often urged to look for breakouts before they make a move to enter or exit a position.This is because, in technical analysis, a breakout from a pattern often signifies the start of a new trend, but until that breakout occurs, the direction of the move remains speculative.
The expanding triangle pattern suggests that Bitcoin might be gearing up for a potentially significant move, but without a confirmed breakout, the direction of that move remains unknown. The caution from Peter Brandt highlights the importance of patience and not making hasty decisions but rather waiting for confirmation before entering a trade.Tomiwabold is a cryptocurrency analyst and an experienced technical analyst. He pays close attention to cryptocurrency research, conducting comprehensive price analysis and exchanging predictions of estimated market trends. Tomiwabold earned his degree at the University of Lagos.
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