Poll: More Than Half of Bitcoin Investors Expect Triangle Breakout

Bitcoin price has for months now been locked inside what many crypto analysts believe to be a triangle pattern. However, they are torn as to the type of triangle the pattern is – descending or symmetrical.

Crypto investors themselves who are also watching the pattern are also torn, not by the shape of the formation, but on which direction it may resolve. However, the largest portion of crypto investors and traders are expecting the chart pattern to break to the upside, which could potentially cause Bitcoin price to retest its former all-time high at $20,000.

Poll: Nearly 60% of Crypto Traders Expect Bitcoin Formation to Break Up

There’s much confusion across the crypto market currently. Bitcoin price has been said to be starting its next bull run, yet the first-ever crypto asset is currently consolidating in a tight trading range, suggesting there is indecision in the market, and that bears may be once again taking control.

Related Reading | Bitcoin Price Forming Descending Triangle, Market Showing Consumption of Demand

The result is a triangle forming on higher timeframes on Bitcoin price charts. Analysts are torn as to if the formation is a descending triangle or symmetrical triangle – with some even saying that it’s a bull flag and not a triangle at all.

Just as conflicted are crypto investors and traders themselves, according to a recent poll shared by crypto analyst Josh Rager. The poll reveals that as much as 59% of crypto investors and traders are expecting the triangle pattern to resolve to the upside, while the remaining 41% expect the formation to breakdown, and lower prices to be reached.

According to Bulkowksi, known for being the definitive expert when it comes to identifying chart patterns, symmetrical triangles are continuation patterns that typically resolve to the upside. This would suggest that if Bitcoin price is indeed in a symmetrical triangle, it’ll do as crypto traders are expecting and break upwards.

However, Bitcoin could also be in a descending triangle pattern. Most believe that descending triangles are bearish structures due to the 2018 bear market being a massive descending triangle that broke down, taking Bitcoin price to its final bottom in December, but Bulkowski’s data shows that even descending triangles break upward as much as 53% of the time – which gives a higher probability the current trading range breaking to the upside, as the poll respondents believe.

Related Reading | Crypto Analyst: Bitcoin Price Forming Symmetrical Triangle, 60% Chance of Continuation

Should Bitcoin price break down, the structure would likely be confirmed as a descending triangle much like what was seen during the 2018 bear market, and it would make the contrarian group of crypto traders profitable, given how much of the market is currently expecting bullish continuation from Bitcoin.

Featured image from Shutterstock

The post Poll: More Than Half of Bitcoin Investors Expect Triangle Breakout appeared first on NewsBTC.

Source: NewsBTC

The year 2018 has been marked by a rapidly increasing interest in blockchain technology and its potential benefits to a...

Ethereum price is attempting a trend reversal but the primary catalyst might be Bitcoin’s price action in the wake of...

Justin Sun, the founder of TRON and the present chief executive officer (CEO) of BitTorrent, has recently announced TRON TV...

Cardano price has been shifting with Bitcoin as all the other altcoins have. Analysts propose that the king of crypto...

Press Release Tel Aviv, Israel – September 15, 2019: Today, ConsenSys unveiled ConsenSys Codefi, an “operating system” comprised of tools...

Crypto trading service Kraken has revealed the reason for the abnormal Bitcoin price on its platform was due to an...

Facebook’s Libra Coin has been all over the news the past few months as more tech giants invest in the...

Crypto privacy firm QEDIT’s zero-knowledge proof solution is now implemented by ConsenSys’s enterprise blockchain startup Kaleido. Enterprise blockchain startup Kaleido,...

UK cryptocurrency regulations have been the Financial Action Task Force (FATF) compliant, but it appears that the government may opt...

The Ethereal Summit is currently taking place in Tel Aviv, Israel. One of the more interesting panels was that of...

The organizations that have been working with the Mongolian crypto-mining projects aren’t shown any mercy and will be scrutinized under...

Ripple XRP price action is going through a fix, and the situation is certainly not helping Ripple despite the expansion...

Litecoin price action has been unstable for the past few days owing to the falling hashrate after the most recent...

Bitcoin mining difficulty is directly proportional to the hashrate, or so it the popular theory. The next halving event is...

The Aeternity Universe One conference all set and due on 20th and 21st of September in Prague. The Aeternity Universe...

There was a downside correction from the $10,954 swing high in bitcoin price against the US Dollar. The price is...

Lightning Labs has reportedly confirmed the existence and exploitation of Bitcoin Lightning Network vulnerability. The peer-to-peer payment network is responsible...

China’s cryptocurrency exchange’s founder, Bobby Lee, has expressed that the Bitcoin price will likely hit two hundred thousand dollars ($200K),...

Cryptocurrency traders in the United States of America (USA) are under the Federal agency Internal Revenue Services’ (IRS) gun lately....

Aventus Network reveals Ethereum-based ticketing protocol to stop fraud and provide more transparency to the event ticketing industry. The digital...

Cointelegraph en Español presents a weekly digest of selected cryptocurrency- and blockchain-related news from the Spanish-speaking world. The Spanish-speaking world...

Cryptocurrencies and their value can be determined from the fact that they, unlike the first monetary assets, weren’t created out...

In the latest, an EOS vulnerability led to a scam worth about thirty thousand dollars ($30,000) on an EOS decentralized...

Ethereum (ETH) surged today after the aggregated altcoin market responded bullishly to Bitcoin’s period of consolidation in the mid-$10,000 region....

The trading of cryptocurrencies often occurs via centralized platforms. In recent months, however, there has been an increase in popularity...

Weekend starts with a new attempt of buyers to fix themselves above the price mark of USD 10,300. Yesterday, Bitcoin...

Stellar-focused development company Interstellar has appointed Zelle founder Mike Kennedy as its new CEO. The company revealed the news on...

A recent report by ZenGO revealed Bitcoin scammers on the internet are using fake QR code generators to steal Bitcoin....

According to BTCC co-founder Bobby Lee, bitcoin price could reach $200,000 in a very short space of time from now....

After facing a sudden influx of selling pressure yesterday, Bitcoin’s bulls have been able to defend its position within the...

A hacker spent $1,000 in EOS to steal more than $110,000 in cryptocurrency by exploiting EOS game of chance EOSPlay....

Square Crypto, the crypto-focused branch of mobile payment company Square, provides a $100,000 grant to BTCPay Server to support open-source...

There’s a small team of committed researchers and activists called the Ryver Bitcoin Cash group surveying Venezuelans, and giving them...

Tron foundation keeps expanding its network into different sectors with its decentralized web, but the Dapp industry looks to be...

Ballet crypto wallet breaks the intangible boundaries that refrain people from letting go of ‘the old ways’ and adopting change....

Bitcoin price pattern seems rather familiar and with a good reason. BTC price re-visiting the 2015 trend all-in-all and an...

The high inflation figures for altcoins like ZCash (ZEC) and XRP are providing yet another basis for the “bitcoin is...

Chinese regulators are looking to heighten scrutiny on the cryptocurrency mining industry in Inner Mongolia. Regulators in the Chinese autonomous...

The IRS is using unreliable tax forms received from cryptocurrency exchanges to come after traders. Over the past month, we...

Prime brokerage firms are coming for crypto in what’s likely to be a race of winner-takes-almost-all. Goldman Sachs is synonymous...