Bulls were expected to steal the show today but instead, there’s been a 5% intraday drop from today’s new all-time high. A short-term bullish structure, however, remains intact – meaning the selloff could be a bullish retest ready to rocket prices toward $87,000 per BTC.
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Excitement leading up to the listing has spurred crypto market FOMO and pushed Bitcoin and Ethereum further to set new all-time highs. Exchange tokens, altcoins, and everything else has been pumping too.
COIN fell in the hours after an initial rise to a high of $428 | Source: NASDAQ-COIN on TradingView.com
Bitcoin dropped 5% from today's highs as COIN made its stock market debut | Source: BTCUSD on TradingView.com
Bitcoin Forms Most Bullish Pattern Ever: The Ascending Triangle
In technical analysis, depending on the lean of a trend angle it can determine if the market structure is bearish or bullish. Price action leaves behind support and resistance that form geometrical shapes and other patterns.
Inverse head and shoulders, falling wedge, cup and handle, and more are all bullish patterns. Triangles come in various forms, but when they’re bullish the lower trend line is ascending.
Technical Analysis Education | Everything You Need To Know About Triangles
Ascending triangles are some of the most powerfully bullish patterns | Source: BTCUSD on TradingView.com
If the classically bullish chart pattern holds, the target based on the measure rule would send the top cryptocurrency to prices of $86,000 or more. Crypto market cycle highs have been expected to reach as much as $100,000 or more per BTC, however, a rare and accurate top signal based on Pi has recently appeared.
Featured image from Deposit Photos, Charts from TradingView.com