Wednesday, June 06, 2018 1:05:02 PM
Cryptocurrency Bitcoin continues to chop in a triangle pattern, trading just north of $7,500. Triangle patterns are consolidation formations, signaling shrinking volatility in the near-term but promising a big move on the horizon. Just last week, Bitcoin hit the lower end of the triangle near $7,000. It held and bounced back to $7,500+. The upside of the range is just under $9,000. As long as it stays between these two levels, expect chop. However, if it breaks below $7,000, Bitcoin will head to $4,900. If it breaks above $9,000, Bitcoin will head to $20,000. This is why triangle patterns are so important watch. The resulting move from the breakout/breakdown will be epic. Note the chart below.
Gareth Soloway
InTheMoneyStocks
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