Slowly Closing a Triangle Pattern [BTCUSD]
We are in a downtrend designated by two lower highs' and two lower lows. If we make a third lower high and lower low we may test the bottom segment of the triangle. If buyers take over, we could test or breakthrough the top segment of the triangle and continue the bull run up. The MACD on the daily chart shows red with the MACD under the signal indicator. The RSI is at 58. On the 4-hour chart, we are well above the 200EMA but the 21EMA has fallen below the 50EMS [a bearish signal]. We have tested the upper segment of this triangle four times so far. . the 35K area has been a strong support level up until now. If we start heading down for a retest of the initial Head & Shoulder pattern, we could see prices dip below 32.5K. That said, I am LONG here and await with excitement for a fifth re-test of the upper triangle segment and eventually a breakout into ATHs.
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