BZ Chart Of The Day: Bitcoin Breakout

There’s a chance Bitcoin USD BTC/USD continues to move higher as it has just broken out of a classic ascending triangle pattern.

Chart patterns are, or should be when understood correctly, illustrations of the supply and demand dynamics that are occurring in a market.

Ascending triangles show bullish dynamics. As time passed, sellers were complacent. They were willing to wait for buyers to come to them. They were content to stay at their price.

This action forms the horizontal line on the following chart.

Meanwhile, buyers have become increasingly more aggressive. They have been paying successively higher prices. This action forms the ascending line at the bottom of the pattern.

The combination of complacent sellers with aggressive buyers is a bullish dynamic and why BTC may be forming a new uptrend.

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