Bitcoin completing immediate-term ascending triangle
The yellow triangle drawn on the following chart shows the price of BTC/USD near the completion of an ascending triangle pattern in the immediate-term.
The chart overall shows the recovery bitcoin has made since the March 13, 2020 low, overlayed with a rainbow indicator showing moving average lines crossing-over on April 28th, before the start of this ascending triangle the next day on April 29th.
A break above this line could test near $9500 where traders may be waiting to enter the market with stops/limits to buy, after confirmation of an upside breakout of the longer-term resistance line of the bearish channel I wrote about earlier today (see linked article). A failure to break/hold above $9500 could result in a steep pullback.
The chart overall shows the recovery bitcoin has made since the March 13, 2020 low, overlayed with a rainbow indicator showing moving average lines crossing-over on April 28th, before the start of this ascending triangle the next day on April 29th.
A break above this line could test near $9500 where traders may be waiting to enter the market with stops/limits to buy, after confirmation of an upside breakout of the longer-term resistance line of the bearish channel I wrote about earlier today (see linked article). A failure to break/hold above $9500 could result in a steep pullback.
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