That Bitcoin triangle gets tighter and tighter.
This triangle that bitcoin is trading in just keeps getting tighter and tighter and tighter. It’s almost silly how long this has been going on.
The frequency and consistency of Bitcoin following the angle of this triangle is pretty interesting. Generally, you get a breakout of a triangle within the last 1/3 of the triangle – generally. One thing that is common among all triangle breakouts is that volume drops off the closer you get to the apex. Until it breaks out. For this triangle we are pretty darn close to that breakout – timewise this thing is finished around the 27th. There is another series of patterns in here, deeper triangles and such. But for now, this is the current geometry we are up against. Not much else to say about that. It’s a hurry up and wait.
Did you watch any of the Coinbase 5?
The Coinbase 5 is the name I give to the July Tweet by Coinbase that identified 5 cryptocurrencies that they were considering adding to their platform (ADA, BAT, XLM, ZEC, and ZRX). ZRX was listed yesterday. Yesterday, I talked about watching out for XLM (Stellar Lumens) as the next addition – but I think we should also take a peek at BAT (Basic Attention Token). Since ZRX’s Coinbase listing yesterday, Basic Attention Token’s volume has surged almost 4x it’s normal volume and is outperforming a majority of the altcoin market, trading up over 10% at some points during the day. But take a look at the image below. To the left is BAT and the right is ZRX – the look fairly similar. It’s clear to me that BAT is getting some quiet accumulation.
This is a pattern we need to take notice of. For now, BAT is getting a silent accumulation. Cardano seems to be a more difficult crypto for market makers to accumulate because it is still a very popular crypto and Cardano is a top 10 market cap coin. XLM is pushing for a top 10 position so keep your eyes on that one as well. But for now, BAT seems to be catching some serious volume.