BTC Analysis – Price ended bimonthly triangle.
1 min readBitcoin finally after more than two months ended the ascending triangle and broke through resistance $ 46,000. At the time of writing, the price is trading at $ 47,300. Now the next step is to determine how far the current growing trend will continue and to explain what this breakthrough actually means. This has been confirmed the first rising maximum from ATH.
Price confirmed 123 bottom formation pattern, which confirms the reversal of the trend. In addition, this breakthrough was accompanied by growing volumes which is also bullish signal. I expect the trend to continue in the coming days, but not without correction. I’m watching target at around $ 51,000. Subsequently, however, it would be healthy if the price went into a short-term correction and cooled down, because it overheats and the RSI already indicates overbought.
BTC ended the two-month triangle. Source: TradingViewBTC ended the triangle
Currently, altcoins are also in a growing trend, but they are far from the same phase as BTC. So again, BTC goes first. That’s why I’m expecting catching up with BTC and so the dominance of BTC may decline in the near future and altcoins, by contrast, will grow stronger.
The correlation between the stock market and BTC has thus been confirmed and the same can be expected from correlation of altcoins to the major cryptocurrency. In the long run, the price definitively confirmed the bottom and end of the correction.
