HUGE Symmetric Triangle on BTC
We are currently trying to close out the daily candlestick above the 50 day MA so we can have bullish support. The bulls are trying to break resistance lines, and will be facing another resistance around $8,800-$8,900 which is where the 200 day MA sits currently. RSI confirmed the bounce off the 40 which could indicate a bullish turn. The 4 hour chart is looking bullish for the near future, so I expect prices to stay around $8,500 for a while. A retracement to the $7,750 level is still welcome before we break out of the 6 month symmetric triangle. Looks good for the short-term, and is all healthy for the market.
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