Bitcoin did not break the neckline of massive head and shoulders pattern (which I'm sure everyone has seen by now on every other chart). However, price action is flowing fairly precisely through the ascending bull triangle I have outlined in blue. It just bounced off the bottom and zooming in, we see that here:
The next few hours or next day will tell us where bull breakout is imminent or if we retreat a bit more, perhaps back to the dotted green trend line to gather steam for another mini-bull run to escape the bears' fierce grip on Bitcoin.
I've seen some sentiment from others warning that we're still firmly entrenched in a bear cycle, so there's definitely some unease or impatience, I should say, in the marketplace in general.
For me, I still wait and I watch and see how this is going to play out.
