Bitcoin (BTCUSD); The Only Pattern That Matters Right Now...

With price having chopped around sideways for the last month giving no clues as to the future direction, the only pattern I am paying attention to right now is the declining triangle that has been forming since the February low and the reaction high later the same month. Whilst the descending triangle pattern is typically described as a bearish pattern, price, as is true of any pattern, can resolve in any direction. One thing that is likely though from the length of the pattern and the fact price continues to coil tightly, any directional move after a break is likely to be a strong one.

If it breaks to the downside with a close below 5,755, the target is ~3k. If it can break above the upper boundary of the declining trend line, I see resistance at the 11,500 level. Higher targets can't be considered unless price moves above the resistance zone, the top of which is around the 13,000 level.