BTC Triangle - Price Action Imminent?!
Not sure which of the 2 triangles we are in, but volatility seems likely, either imminently or over the next few days. Neither triangle is invalidated by the price action around the feds announcement as the price action related to the fed's announcement does not extend past 40% of either targets' breakout prices.
The smaller triangle is interesting. The longer price action hugs the bottom of the triangle the less this looks like a pullback preceding a continued breakdown. If price continues upwards then we could be ready to breakout to the upside target from the far end of the smaller triangle, like now.
The expectation for triangle breakouts is that they occur after price has extended past 70% of the triangle length. Common wisdom then would put the breakout of the larger target around Saturday 5PM Pacific Time, but BTC seems to extend right to the end of its triangles relatively often, and the skinny end of the larger triangle pattern pushes into early next week.
On one hand, it does look like we are climbing back into the triangle after being pushed out the bottom momentarily by the Fed's announcement. But on the other hand some decent support exists at 19,375. And there is some confluence there with the downside breakout target of both triangles.
The smaller triangle is interesting. The longer price action hugs the bottom of the triangle the less this looks like a pullback preceding a continued breakdown. If price continues upwards then we could be ready to breakout to the upside target from the far end of the smaller triangle, like now.
The expectation for triangle breakouts is that they occur after price has extended past 70% of the triangle length. Common wisdom then would put the breakout of the larger target around Saturday 5PM Pacific Time, but BTC seems to extend right to the end of its triangles relatively often, and the skinny end of the larger triangle pattern pushes into early next week.
On one hand, it does look like we are climbing back into the triangle after being pushed out the bottom momentarily by the Fed's announcement. But on the other hand some decent support exists at 19,375. And there is some confluence there with the downside breakout target of both triangles.
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