BITCOIN Ascending Triangle and break-out targets

Bitcoin has completed 2 months of side-ways consolidation and as this chart on the 1D time-frame shows, it has done so within an Ascending Triangle pattern. Its last top came with a rejection on the 1D MA100 (green trend-line), which is quite important but if this manages to break soon on the next Resistance test, then most likely the Triangle will break to the upside. Note that as long as the 1D CCI is within its neutral zone, most likely trading will be sustained within the Triangle.

A break of the Triangle to the upside, still has to overcome the 1D MA200 (orange trend-line) which is the final barrier of turning bullish on the long-term, but technically the Fibonacci extensions will come into play: 1.5 at 50880, 2.0 at 56370 2.5 at 61850 and 3.0 at 67350. Notice that all of them match fairly well with previous Lower Highs during the down-trend. Similarly, a break of the Triangle to the downside, could target the -0.5 Fib at 28900 and -1.0 Fib extensions at 23450.

So which way do you think this Ascending Triangle will break to and how high/ low can it get? Feel free to share your work and let me know in the comments section below!



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