This week's price action of Bitcoin has formed an ascending triangle. Which way will it break out?
The market is capped by the $8600 level to the upside and supported at the $7600 level to the downside. The market has accepted higher prices without major retracements, but has so far not been able to break through $8600.
The good news is that technically this pattern is a bullish continuation pattern. But it can breakout either way. And look out for breakout failure for a continuation in the opposite direction.
So I am looking for 4hour closes above $8600 or below $7600 to find the direction further.
Have a good one!