Bitcoin's Triangular Consolidation Offers Bullish Outlook: Technical Analysis

📆 11/1/2023 4:31 PM
📰 CoinDesk

⏱ Reading Time:
18 sec. here
2 min. at publisher
📊 Quality Score:
News: 11%
Publisher: 63%

Coin Coin Headlines News

Coin Coin Latest News,Coin Coin Headlines

Bitcoin (BTC) appears to be consolidating into a triangular pattern, offering a positive outlook for the weeks ahead. The leading cryptocurrency by market value has carved out higher lows and lower highs between $33,000 and $35,0000 in the past seven days, forming a triangle on the bitcoin price chart.

The chart of the day is brought to you by crypto dot com. The world's fastest growing crypto app. Let's take a look at the chart of the day. Bitcoin appears to be consolidating into a triangular pattern offering a positive outlook for the weeks ahead. The leading Cryptocurrency by market cap has changed hands between 67,000 in the past seven days forming a triangle on the price chart.

Triangles tend to be continuation patterns presenting a pause that refreshes the preceding trend which is bullish in Bitcoin's case, the token rallied from $26,500 to $35,000 before starting its triangular behavior. One analyst at FX pro said in an email quote, it is generally believed that such consolidation formations end with an upward break.

Write Comment

We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:

Coin Coin Latest News, Coin Coin Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

Bitcoin's 'Triangular Consolidation' Is Bullish: Technical AnalysisOmkar Godbole is a Co-Managing Editor on CoinDesk's Markets team.
Source: CoinDesk - 🏆 291. / 63 Read more »

15 Years After the Bitcoin White Paper, Bitcoin Builder Culture FlourishesAubrey Strobel is the host of The Aubservation podcast, and an advisor to Lolli and Trust Machines.
Source: CoinDesk - 🏆 291. / 63 Read more »