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December 5, 2022
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Technical analysis of the Bitcoin + ETH, BHC, LTC and XRP course

As every Tuesday, we have for you another expert technical analysis of cryptocurrencies prepared by Chartław of Coinquista Labs. What awaits Bitcoin, Ethereum, Bitcoin Cash, Litecoin and XRP courses in the near future? Below you will find an analysis of the BTC course, and on the official Coinquista blog you can read the analysis of other digital assets: ETH, BCH, LTC and XRP.

LINK for analyzing other digital coins: https://blog.coinquista.com/analiza-techniczna-kryptowalut-14-07-2020/

Bitcoin – Triangle formation almost closed

Looking at the quotations of the oldest of cryptocurrencies, we will notice that the market has been moving in a horizontal trend for some time creating an isosceles triangle formation. Due to the rejection of the upward trend line, which is the lower limit of this formation, the price of BTC has recently risen up to the downward trend line, which is its upper limit.

It was around this resistance that yesterday the supply response appeared again. If only the declines lasting since then continue, we could even expect to test the upward trend line again in the near future.

It is worth paying attention to the increasing narrowing of the triangle formation, due to which the distance between its upper and lower limits with each subsequent candle becomes smaller, which inevitably brings us closer to breaking out of this formation.

It should be remembered that while triangle formations are one of the more popular ones, which is why we are able to chart them relatively regularly on the charts, but they are not directional formations. Simply put, the formation of a triangle does not determine the direction of later movement. Only the direction of the breakout from the formation (top or bottom) increases the likelihood of greater increases (in the case of top breaks) or declines (in the case of bottom breaks).

If the market broke out of the current formation above, then the BTC price could rise to around 9700 USD, 10000 USD, or even 10400 USD. However, if the quotations break out of the current triangle, then the BTC price could drop to USD 8,500.

LINK for analyzing other digital coins: https://blog.coinquista.com/analiza-techniczna-kryptowalut-14-07-2020/

We remind you that on the Coinquist crypto exchange market for 90 days from registration, all users can trade without commission! How to register on the stock exchange, you will learn from this article: Coinquista Registration.

About Graphław:
His name comes from the words: Chart- (from “stock charts”), and -fame (from “fame”), which is the one who praises stock charts. He gives away history traders expert analysis of company stock prices, fiat currencies and cryptocurrencies. Traders from four parts of the world come to him for advice of the highest importance: Buy? Sell? Should you breed? It was not easy, but the Coinquista Labs team, somehow managed to convince him to share his professional analysis with readers. Let his charts look after you!

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