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BTC ascending triangle forming? for BITSTAMP:BTCUSD by crypto_trends

BTC has started to continue to show its resistance from a further plummet in the past day. From what I can tell in my opinion (as always, never advice), BTC price looks to potentially be forming a bullish ascending triangle in the short term (green solid and dotted line) right around a Fibonacci resistance level from the last dip.

If the trend continues with a candlestick close above around 51.177K, that would also give a nice dragonfly doji on the daily chart , potentially indicating a reversal for at least a few days. There has also been some bullish reversal divergence (green line on MACD ), so this too could continue indicating a reversal.

Nothing is guaranteed however, and a break of the current support line (green line) could easily break downward toward 44-46K (as indicated by the red channel support trend line ). And even if a breakout upward does accord, there are still quite a few layers of resisting trend lines around 52.5K (near the dotted yellow trend line ) and fairly strongly near 54K (near the red line representing upper channel support).

It should be interesting how it turns out, but please like if you agree, or leave me a comment if you see any mistakes or see anything to the contrary as opinions are always welcome.

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