18.03.202215:00 Forex Analysis & Reviews: Bitcoin forms triangle pattern

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Bitcoin is trading around $37,500-$41,000. Short-term trend is unclear as price mostly moves sideways. There seem to be a base already formed above $30,000 but bulls do not seem strong enough in order for price to break the $44,000 resistance.

Black lines- triangle pattern

Bitcoin price is trading inside the triangle pattern as shown above. The space for moving is tightening and soon I expect to see a break out. If Bitcoin bulls manage to recapture $43,000 then we will have an upward break out that could push price towards $50,000 or higher. As long as price is below the upper triangle boundary, it is vulnerable to a move lower towards $37,700. Failure to hold above $37,700 will be a bearish sign that will make me expect to see a move lower towards $30,000 or even lower.

Alexandros Yfantis
Analytical expert of InstaForex
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