16.07.202022:24 Forex Analysis & Reviews: Bitcoin in triangle patter

Long-term review

This information is provided to retail and professional clients as part of marketing communication. It does not contain and should not be construed as containing investment advice or investment recommendation or an offer or solicitation to engage in any transaction or strategy in financial instruments. Past performance is not a guarantee or prediction of future performance. Instant Trading EU Ltd. makes no representation and assumes no liability as to the accuracy or completeness of the information provided, or any loss arising from any investment based on analysis, forecast or other information provided by an employee of the Company or otherwise. Full disclaimer is available here.

Bitcoin price has made no real progress since late April. Price has been mostly moving sideways in a tightening range. This price action has formed a triangle pattern. It is important to be patient now and wait for a break out above or below the triangle in order to follow the trend.

Black lines -triangle pattern

Green rectangle -target if price breaks the lower triangle boundary

Blue rectangle - target if price breaks the upper triangle boundary

Bitcoin price is running out of space. Soon we will have a break out of this pattern. The most probable outcome in similar patterns is to break to the upside. However we prefer to be patient and wait for price to show the way. Some times the best position to have is not to have a position.

Back to the list

Open trading account

InstaForex analytical reviews will make you fully aware of market trends! Being an InstaForex client, you are provided with a large number of free services for efficient trading.