Bitcoin has left the triangle pattern as we expected
In our latest analysis we drew particular attention to this Triangle Pattern, which clearly indicated where BTC was heading.
According to the calculations, BTC should have left this triangle within 10 days after publication of the analysis, BTC subsequently met this time frame within 4 days. The bulls tried to accumulate their BTC until October 8, and the next day, October 9, they broke through $ 11K.
The fact that it was not a fake break out was confirmed on October 10, when BTC also overcame the resistance at $ 11.3K with really good volumes. Currently, it looks like the bulls have been trying to create new support here for 2 days and thus replaced the previous resistance in their favor.
In the coming days, it will therefore be very important to monitor how BTC will guard this price range, as this may be another important indicator and impetus for future growth.
Technical analysis:
Strong Resistance at $ 12K
Support now at $ 11.3K
Daily RSI looks bullish / Bull trend support ( 40 ) held
MACD neutral / Bearish for the short term / Bullish for the mid to long term
According to the calculations, BTC should have left this triangle within 10 days after publication of the analysis, BTC subsequently met this time frame within 4 days. The bulls tried to accumulate their BTC until October 8, and the next day, October 9, they broke through $ 11K.
The fact that it was not a fake break out was confirmed on October 10, when BTC also overcame the resistance at $ 11.3K with really good volumes. Currently, it looks like the bulls have been trying to create new support here for 2 days and thus replaced the previous resistance in their favor.
In the coming days, it will therefore be very important to monitor how BTC will guard this price range, as this may be another important indicator and impetus for future growth.
Technical analysis:
Strong Resistance at $ 12K
Support now at $ 11.3K
Daily RSI looks bullish / Bull trend support ( 40 ) held
MACD neutral / Bearish for the short term / Bullish for the mid to long term
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