Bitcoin Gets Stuck in Triangle

bitcoin triangle oct 2020

Bitcoin has been ranging for a month now between $10,000 and $11,000 with the price seeing higher lows and lower highs. That suggests some consolidation is ongoing on the daily with bitcoin unsure about where to go now. On longer timeframes, there has arguably been a years long consolidation but with higher highs and higher lows. One can see the above chart as a sideways in some way since early 2018, with it somewhat still continuing to today. As shown in the featured image however, there’s a smaller triangle on the hourly or daily, with bitcoin either headed for an overtaking of $12,000, or for yet another re-test of $9,500. As far as fundamentals are concerned arguably there’s a stronger case for seeing whether that $12,000 can fall due to western governments now being in debt, which suggests significant monetary devaluation is to be expected. UK’s government for example is…

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