Triangle-like pattern forming on the 4-hour chart

8 Nis

Bitcoin continues to form a triangle-like pattern on the 4-hour chart. Its price is currently testing the upper bound of this pattern, and a breakout to the upside would be bullish in the short term. Nevertheless, whether Bitcoin will gather enough momentum to be propelled substantially higher from the current level remains to be seen.

Illustration 1.01

Despite moving averages flattening in the past three weeks, Bitcoin has not tested the critical support at the 50-day SMA.

Technical analysis gauge
Daily time frame = Neutral (no trend)
Weekly time frame = Bullish
*The gauge does not necessarily indicate where the market will head. Instead, it reflects the constellation of multiple indicators.

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DISCLAIMER: This analysis is not intended to encourage any buying or selling of any particular securities. Furthermore, it should not serve as a basis for taking any trade action by an individual investor or any other entity. Your own due diligence is highly advised before entering a trade.