Caution! Converging triangle detected

Caution! Converging triangle detected
December 13 09:43 2018

While in the longer term I believe BTC to be following a path which I discussed yesterday, there are clear signs that a move is very likely within the next 24 hours.

As of the last little BTC price movement yesterday (hitting point “D” of the triangle, descending and then climbing once more), BTC has formed a converging triangle:

Made by Bit Brain with TradingView

A converging triangle is a strong indicator of a breakout.

This particular triangle is neither biased towards a price increase, nor a price decrease. I believe that BTC will still go to $3000 or lower soon, so I would expect a downwards break at the angle I spoke of yesterday.

The shaded section of my chart is the main triangle, while the red lines represent the price extremities. Both the shaded triangle and the red line one tell the same story.

I recommend keeping a close eye on BTC today and watching for a strong price movement.

Yours in crypto

Bit Brain

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Bit Brain
Bit Brain

A walking crypto encyclopedia. Honest, Realistic, Opinionated. Futurist, Autodidact, Polymath.

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