Published On: Tue, Jun 12th, 2018

Bitcoin Price Analysis: Breakdown of Consolidation Tests Bullish Resolve

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In the previous BTC-USD market analysis, we discussed a macro pattern forming, called a “symmetrical triangle.” A symmetrical triangle (shown in red) is a directionally agnostic consolidation pattern. Until this weekend, the market hadn’t decided whether it was going to break up or break down out of the pattern. Over the weekend, the bitcoin market saw a very strong push on very high volume through the bottom support of the triangle:Figure 1: BTC-USD, 12-Hour Candles, Symmetrical Triangle BreakdownThe implications of this consolidation pattern breaking down have potentially devastating ramifications for the crypto market across the board. …

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