ðĨ Bitcoin Bullish Triangle: Preparing For Next Leg Up!
BTC has been consolidating for nearly a month now. Not a lot of of trading in one direction, but short-term trends being reversed quickly.
Note that the price has consistently making higher-lows, whicb is a sign of strength.
On the other hand, the 38.000$ area is getting notorious. Every time that the price reaches the top resistance area, a quick sell-off follows.
Since this bullish triangle is classically a bullish break out pattern, odds are that we're going to break out sooner or later. My assumption is that the longer-term indicators, like the weeky RSI, needed some cooling down and that the bullish trend will continue once indicators have cooled.
The next leg up will likely bring us to 40.000$, if not higher. Keep a close eye for a higher time-frame candle to close above the top resistance of the triangle.
Note that the price has consistently making higher-lows, whicb is a sign of strength.
On the other hand, the 38.000$ area is getting notorious. Every time that the price reaches the top resistance area, a quick sell-off follows.
Since this bullish triangle is classically a bullish break out pattern, odds are that we're going to break out sooner or later. My assumption is that the longer-term indicators, like the weeky RSI, needed some cooling down and that the bullish trend will continue once indicators have cooled.
The next leg up will likely bring us to 40.000$, if not higher. Keep a close eye for a higher time-frame candle to close above the top resistance of the triangle.
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