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bitcoin btcusd symmetrical triangle breakout 12000
Nexo Logo

Bitcoin (BTC) Symmetrical Triangle Technical Breakout Targets $12000

Tony Spilotro by Tony Spilotro
2 years ago
in Bitcoin, Cryptocurrency news
Reading Time: 2 mins read
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Last night ahead of an important daily close in the crypto market, Bitcoin broke up from a symmetrical triangle formation and closed the session price candle above the important resistance level of $10,000.

If Bitcoin can finally hold above this level and confirm the triangle as resistance turned support, the upside breakout technical target of the structure would bring the cryptocurrency to nearly $12,000.

Bitcoin Breaks Out Of 30-Day Consolidation Within Symmetrical Triangle Chart Pattern

Bitcoin price is now trading above $10,150 after an over $600 green candle appeared just ahead of last night’s daily close. The surge caused altcoins to bleed out on BTC trading pairs, but on USD values saw a decent increase as well.

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Recent developments around monetary policy, the increase in political tensions, and state of riots and looting that the United States has highlighted the importance of a digital store of value such as Bitcoin.

Related Reading | Bitcoin ‘Smart Money Indicator’ Revisits All-Time High, What’s Next?

Its use as a hedge against the coming inflation and the dollar itself weakening may be in part responsible for Bitcoin’s recent bullishness.

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The asset has the potential to replace fiat as the global reserve currency, but such a situation is still years away and major change would need to occur.

The environment for dramatic change, however, has never been more ideal, nor has the need for monetary policy to change ever been greater.

Upside Technical Targets Targets Call For $11,500 to $12,500 BTC

Last night, the crypto asset experienced a technical breakout of the symmetrical triangle chart pattern it had been trading within. According to the structure’s potential targets, Bitcoin price could between $11,500 and $12,500.

Data collected from hundreds of price charts over decades of research suggests that symmetrical triangle breakouts typically reach a target roughly the width of the widest part of the triangle from the top to bottom touches of the trendlines that form the triangle.

bitcoin symmetrical triangle breakout 12000

It took roughly 30 days of consolidation within the triangle before the breakout.

The target would put Bitcoin price somewhere around $11,500 near July 1 – almost one full year since the last time the asset traded at that level.

bitcoin symmetrical triangle breakout 12000

If the triangle is more of a bullish pennant than a symmetrical triangle, then the target would be calculated by measuring the flag pole along the initial ascent, then adding the total percentage move to the breakout of the top trend line.

A measure of the flagpole would put Bitcoin price closer to $12,500. Interestingly, it took 40 days to break out from the initial flagpole. The same length of time would put BTC at that level on July 10.

Related Reading | Bitcoin Is Overpriced According Energy Value For First Time Since September 2019 

July 10 would mark exactly one full year since the first-ever cryptocurrency traded at that price point to the day.

Any further upside, however, is contingent upon resistance

Tags: bitcoinbtcusdBTCUSDTcryptosymmetrical trianglexbtusd
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Tony Spilotro

Tony Spilotro

I'm Tony Spilotro. Behind the pseudonym, I'm a global remote work leader with a decade of award-winning content experience and excellence. Here, I explore my newfound passions pertaining to privacy, finance, economics, politics, cryptography, property rights, and other libertarian-esque views. I am a Bitcoin evangelist, maximalist, and educator whenever I can be, helping to spread its message of freedom from government control, monetary policy mismanagement, and passing the buck - literally – to future generations. My journey from a curious retail crypto investor to a serious Bitcoin advocate, trader, and technical analyst is an unusual one, but life-changing nonetheless and has become less about money and more about a long-overdue revolution. While a firm believer in the laws governing math and science, I am profoundly fascinated by the impact of astrology and astronomy including moon and solar cycles and planetary alignment and their ability to influence and potentially predict markets. It hasn't yet clicked for me as to how to put anything to use, but I consider it my current rabbit hole I can't yet dig out of. My perspective of growing up alongside the internet, the dot com era, the Great Recession, and roots in video games collecting coins and rare items caused Bitcoin to immediately make sense to me. Through all of these lenses, I seek to produce content that is educational and entertaining, and I thank you sincerely for taking the time to read what I have to say. Please follow me on Twitter at @tonyspilotroBTC and feel free to drop me a line if you would like to work together.

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