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- Bitcoin Forming a Consolidation Triangle
Bitcoin Forming a Consolidation Triangle
The price of Bitcoin
has moved nowhere over the last couple of days and it was down 3 percent on
Monday to trade at around the 4,000 USD mark.
Lately, Bitcoin
has been forming what seems to be a consolidation triangle, which can be broken
to either side. The lower support line of this triangle is currently at 3,870
USD, where previous lows are also seen. The upper resistance line is at 4,200
USD. Volatility has been decreasing recently, which could quickly change once
the triangle is broken.
If the price drops below the triangle, the
next target could be at the current cycle lows near 3,500 USD, but on the other
hand, if bulls manage to push Bitcoin above the mentioned resistance, it might
advance toward the 5,000 USD level.
However, the RSI bullish trend line was
already broken to the downside, suggesting the price might follow lower, thus
the outlook seems carefully bearish for Monday.
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