$PDA Spotted a Symmetrical Triangle in Hourly Chart: Let's Recap! 📢

A symmetrical triangle is a technical chart pattern formed by converging trendlines that connect a series of peaks and troughs. In an uptrend, a symmetrical triangle typically forms as a continuation pattern, suggesting that the prevailing uptrend is likely to continue after the pattern resolves.

Here are the key characteristics of a symmetrical triangle in an uptrend:

1. Formation: The symmetrical triangle is formed by drawing two trendlines that converge towards each other. One trendline connects a series of higher lows, indicating the uptrend, while the other trendline connects a series of lower highs.

2. Volume: During the formation of the symmetrical triangle, trading volume tends to decrease. This decrease in volume indicates a period of consolidation or indecision among market participants.

3. Breakout: As the price approaches the apex of the triangle, traders look for a breakout. In an uptrend, a bullish breakout occurs when the price breaks above the upper trendline of the triangle. This breakout is typically accompanied by an increase in trading volume, confirming the validity of the breakout.

4. Price Target: To estimate the price target of the breakout, traders often measure the height of the triangle at its tallest point and add that distance to the breakout point. This projected target represents a potential price objective for the continuation of the uptrend.

5. Confirmation: It's important to wait for confirmation of the breakout before taking a trade. Some traders wait for a close above the trendline or a certain percentage above the trendline to confirm the breakout.

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🚨 Bitcoin Pizza Day 2024 📢

What Is the Story Behind It And When It's Celebrated?

There was a man named Laszlo Hanyecz, a computer programmer from Florida, who became part of Bitcoin's history in a gastronomically unique way. On May 22, 2010, Laszlo made an unusual offer on a Bitcoin forum: he would pay 10,000 bitcoins for a couple of pizzas. At that time, Bitcoin was a passion for enthusiasts and hobbyists, and it had no significant monetary value. The idea that it could be exchanged for a real-world item like pizza was novel and exciting.

To Laszlo, the bitcoins he had mined on his computer were an experiment, a plaything of the digital age. He had already mined tens of thousands of bitcoins with relative ease, a feat that would be unfathomable years later when the mining difficulty skyrocketed.

After some discussion on the forum, a fellow Bitcoin enthusiast named Jeremy Sturdivant, going by the alias "jercos," took Laszlo up on his offer. Jeremy ordered two large pizzas from Papa John's to be delivered to Laszlo's house and in return, he received the 10,000 bitcoins.

Those pizzas, valued at about $41 at the time, would go down in history for their eventual worth. As Bitcoin's value soared over the years, reaching astronomical heights, the cost of those two pizzas grew into the tens, then hundreds of millions of dollars. May 22nd was commemoratively named "Bitcoin Pizza Day," and it's celebrated by the cryptocurrency community every year.

Laszlo Hanyecz's pizza purchase was a landmark moment for Bitcoin. It was one of the first known purchases of a product with Bitcoin and it demonstrated the cryptocurrency's potential as a means of exchange. However, it also serves as a reminder of the volatility and unpredictability of the value of digital currencies.

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