Bitcoin Forming Continuation Triangle From ATH, $50K+ Target

Bitcoin loves to trade inside triangles. The leading crypto asset by market cap just broke down from a multi-month triangle and spent most of 2018 trapped inside a descending triangle that ultimately broke down.

However, all of this price action may be part of an even larger symmetrical triangle formation dating back as far as Bitcoin’s all-time high, that if confirmed could have a target of over $50,000.

Triangles Inside Triangles And Bitcoin’s Target of $50,000 or More

Bitcoin may currently be in a downtrend, as a result of a triangle that broke down in late December. Technical analysts were torn on if the triangle was a symmetrical triangle, which often suggests continuation is ahead, or a descending triangle, that often leads to a breakdown.

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Bitcoin eventually broke down from local highs, suggesting that the asset was indeed in a descending triangle, much like the descending triangle from…