What we assumed in our recent analysis came true, and BTC has already left the recurring triangle pattern.
In our last analysis, entitled â€œRecurring Triangle Pattern, Indicates a Possible Break Out to $ 11K Resistance Soon,â€ we drew particular attention to this pattern, which clearly indicated where BTC was heading.
According to the calculations, BTC should have left this triangle within 10 days after publishing our article, BTC subsequently met this time frame within 4 days. The bulls tried to accumulate their BTC until October 8, and the next day, October 9, they broke through $ 11K.
The fact that it was not a fake break out was confirmed on October 10, when BTC also overcame the resistance at $ 11.3K with really good volumes. Currently, it looks like the bulls have been trying to create new support here for 2 days and thus replaced the previous resistance in their favor.
In the coming days, it will therefore be very important to monitor how BTC will guard this price range, as this may be another important indicator and impetus for future growth.
- Strong Resistance at $ 12K
- Support now at $ 11.3K
- Daily RSI looks bullish / Bull trend support ( 40 ) held
- MACD neutral / Bearish for the short term / Bullish for the mid to long term