- IncomeSharks tweeted that BTC was looking strong when hitting $16,500.
- Crypto analyst elaborates on how BTC busted symmetrical triangle patterns.
- The 200-day MA of BTC is parallel to the horizontal axis while Bollinger bands expand.
Crypto and market education channel, IncomeSharks tweeted that Bitcoin was looking strong when hitting the $16,500 mark. IncomeSharks made the above statement in a follow-up comment to a post it shared earlier in the day.
As per the previous post, IncomeSharks predicted that BTC would bounce off the support level of $15,500 and predicted it would hit $16,500 as the first target. Consequently, when BTC hit $16,500, IncomeSharks shared the below tweet.
Replying to IncomeSharks, Trader Tardigrade, crypto content creator and pattern analyst consented to IncomeSharks’ idea of Bitcoin looking strong when reaching $16,500.
Additionally, the crypto analyst elaborated on how BTC busted through symmetrical triangle patterns in 2017 and stressed the importance of BTC regaining the apex of the triangle pattern at $16,500.
Subsequently, Tardigrade explained that if BTC was to form the apex of the triangle, then according to Bulkowski’s ThePatternSite.com, the following could be expected.
He referred to Bulkowski’s theory on patterns and stated that approximately 48% of symmetrical triangles would bust. And, out of that 48% that bust, 67% will single bust. Furthermore, he stated that a more powerful rally could be attained in a bust structure as per Bulkowski’s.
Meanwhile, BTC is up 5.46% in the last 24 hours and is trading at $16,593 at press time. Notably, as represented in the chart, BTC has been forming rising triangles in the past, indicated by the Blue, Peach, and Pink colors.
Every single time that the apex of the triangle is formed, the prices busted through, and there was an increase in price.
Once BTC broke the first triangle, its price surged from $15,835 to $16,170 within an hour. When BTC busted the second triangle, the price of BTC increased from $16,221 to $16,508 within an hour.
And now, the third triangle is forming, and the apex seems to be completely formed. It would be interesting to see how BTC will react after this third triangle.
However, the 200-day MA is parallel to the horizontal axis indicating sideways movement of the price. Intriguingly, the Bollinger bands are expanding, which indicates high volatility.
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