Square Site Map
At the base of the ascending triangle, there lies a horizontal line, representing a strong level of resistance. Above it, prices form higher lows.
The price consistently hits a ceiling, facing resistance at the horizontal line. But beneath the surface, buyer interest continues to accumulate, creating a rising trendline that symbolizes determination.
As the triangle takes shape, the distance between the horizontal resistance and the rising trendline narrows. The price becomes confined within these converging lines, reflecting a balance between bullish and bearish forces.
This breakout signals a burst of bullish momentum, often accompanied by increased volume, as traders recognize the potential for an upward surge.
Traders use the vertical distance between the horizontal resistance and the rising trendline to estimate the potential price target after the breakout.
Identifying an ascending triangle pattern on a price chart involves observing specific price movements and the formation of the pattern.
🔹️The ascending triangle pattern is formed during an uptrend.
Look for a horizontal resistance line that connects two or more peaks (price highs) where the price struggles to break above.
Connect the higher lows (price lows) with an ascending trendline, which slopes upward.
The horizontal resistance acts as a ceiling, and the ascending trendline acts as a rising floor.
🔹️As time passes, the range between the horizontal resistance and the ascending trendline narrows, creating a triangle-like shape.
🔹️Observe the trading volume throughout the pattern. Usually, there is a decrease in trading volume as the pattern develops, indicating a potential consolidation phase.
🔹️The pattern is confirmed when the price breaks above the horizontal resistance level.
The breakout should ideally be accompanied by a noticeable increase in trading volume, signifying a strong shift in sentiment.
#ContentStar# To accumulate more Bitcoin (BTC), here are some suggestions:
Understand Bitcoin: Before getting started, make sure you have a basic understanding of Bitcoin. Learn about its underlying technology, history, and potential so that you can make informed decisions.
Set goals: Determine how much Bitcoin you want to accumulate. Setting a clear goal can help you create a proper plan and strategy.
Regular purchases: A common method is to make regular purchases of Bitcoin, regardless of the price. By buying at regular intervals, you can diversify your risk and achieve better average costs during market price fluctuations.
Take advantage of market volatility: Bitcoin_s market price fluctuates significantly, and you can take advantage of these fluctuations to increase your Bitcoin holdings. Timing is crucial, so try to buy when the price is low.
Invest for the long term: Bitcoin is a long-term investment, so patience and a long-term perspective are necessary. Do not be swayed by short-term price fluctuations but focus on the long-term potential of Bitcoin.
Diversify investments: In addition to Bitcoin, consider investing in other cryptocurrencies or blockchain-related assets. Diversifying your investments can help reduce risk and increase potential returns.
Learn technical analysis: Learning technical analysis can help you predict Bitcoin price trends. This can assist you in making better decisions on when to buy or sell.
Secure storage: Ensure that your Bitcoin storage is secure. Use hardware wallets or cold storage methods to protect against hacking attempts.
Remember that the Bitcoin market carries risks, and prices can be highly volatile. Before investing, make sure you have sufficient risk tolerance and only invest funds you can afford to lose. $BTC The US Securities and Exchange Commission (SEC) must make a decision on Ark Invest's application to create a spot bitcoin ETF by August 13.
Cathie Wood filed for the Spot ETF on May 15th. According to the Federal Register, by this time the SEC must approve it, reject it, or begin a rejection procedure. By law, the Commission may extend the review period by 240 days, until January 10, 2024.
BlackRock, Fidelity, and other funds submitted updated bids on July 19. This means that the SEC may delay making a decision on them until March 16 next year.
Actually, as expected, the SEC extended the period for considering Ark Invest's application for a spot bitcoin ETF. Ark Investment Management and 21Shares have been seeking ETF approval since 2021, their third attempt.
https://www.coindesk.com/policy/2023/08/11/ark-21shares-bitcoin-etf-application-decision-pushed-by-sec/
#HotTopicDiscussion# #ContentStar# #NewsFrontier# #BountyCreator#