Smell that? Hopes for growth among the majority of traders are slowly returning. Yeah, still not broke up, however, this event can already happen in the very near future. Analyst under the name GalaxyBTC argues that the main cryptocurrency will cross the line of $ 5,500 in the near segment. This will contribute to the patterns in the chart of Bitcoin and positive fundamental factors.the
In his Twitter GalaxyBTC shared research trader Thomas Bulkowski, who is a famous person among the major players of the stock market. In one of his papers talking about ascending triangles. Earlier Bulkowski experimentally found that in 60 percent of cases, the formation of such a pattern on the chart of the asset ends the break up.
Each of these shocks leads to increase in prices of the pair at least 35 percent. Currently on 1-day chart of Bitcoin just completed the formation of ascending triangle.
Recall, GalaxyBTC — not the first who speaks of the great growth of Bitcoin in the coming months. A similar idea was expressed by the trader under the name Filb Filb. By the way, his words short and long positions in trading BTC/USD.
According to Bulkowski's study, more than 60% of ascending triangles with declining volume end up breaking upwards
With an average price rise of 35%
That gives us a target of $5500 BTC once the breakout is confirmed.
— Galaxy (@galaxyBTC)
The Exact date of the end of the bearish trend yet no one knows, therefore we recommend to be extremely careful with your longs. While the decline of digital assets on a large timeframe has not ended, so it is better to survive in kryptonite from seasoned experts.
Today, Bitcoin is trading at 4029 dollar. For the past day the price of the cryptocurrency has not practically changed. We note that the testimony of all exchanges can not be trusted — most of them .
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