Bitcoin is forming a significant triangle on the 4hr aswell as the 1hr timeframe. A breakout is inevitable. Breaking the triangle to the upside will bring the Bitcoin price to the 56k level, which could make perfect sense since the 56k level is quite a big resistance. However breaking the triangle to the downside will bring bearish price action for the coming days targeting the 46k area. This would sweep the liquidity below the massive wick of December 4th.
The main trend for Bitcoin is down, so I would not be surprised to see this triangle break to the downside. If we break this triangle to the upside, this might mean that the corrective phase is over and we might look to targets further up. At the end of the September correction for Bitcoin, we also formed a triangle which ended up totally reversing the price.
The main trend for Bitcoin is down, so I would not be surprised to see this triangle break to the downside. If we break this triangle to the upside, this might mean that the corrective phase is over and we might look to targets further up. At the end of the September correction for Bitcoin, we also formed a triangle which ended up totally reversing the price.