We have discussed the importance and power of triangles before in technical analysis. Bitcoin which does tend to follow charting patterns very well now looks like it could be winding up nicely into a nice triangle.

We can see that a nice reversal pattern has formed this week on the weekly charts, this Pin Bar pattern has formed at an area of confluence, in this case at the lower Bollinger band. We can think of the Bollinger bands as river banks and the price tends to stay within these.

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I noticed this potential set up forming over the last couple of weeks and as the day has played out we now have this confirmation.

I would now expect prices to climb up over the next few months towards the downslope that forms the upper side of the triangle before turning over and heading back to the upslope that forms the bottom of the triangle.

Timing

Now could be a good buying opportunity and we could get another couple of opportunities before we break out through the top of the Bitcoin triangle later this year or early 2023.

The shaded portion of the chart is one years worth of price action so if we were to predict when Bitcoin will break out of this triangle, I would say towards the latter part of this year and into early 2023 as at the very latest.

As we are entering the triangular pattern from below, we can expect the price to break out to the upside, and when it does finally break out, I would expect it to make substantial gains at that time and the following months.

This consolidation of the Bitcoin price in this triangle is, I think, a positive phase, and will help the Bitcoin price to crystallise a little and likely move on with a more solid foundation below it.

This post is in no way financial advice and you should always do your own research and make your own decisions when investing.

As always I wish you the very best of luck with your trading and investing and would love for you to follow me if you find this content useful.

I post infrequently, only when we find something really worth highlighting so that we can hopefully make you aware of any potential opportunities and it would be great to hear your thoughts on these set ups, so please feel free to comment.