BTC Price Analysis
Bitcoin has been oscillating inside a symmetrical triangle pattern for the past few days, indicating indecision about the next move.
The 20-day exponential moving average ($68,049) continues to gradually rise and the relative strength index (RSI) is in the positive zone suggesting a slight advantage for the bulls. A breakout and close above the triangle will indicate that the uncertainty has been resolved in favor of the buyers. The BTC/USDT pair could rise to $73,777 and eventually to $80,000.
Conversely, if the price turns lower from the downtrend line and breaks below the 20-day EMA, it will suggest that the pair is likely to extend its stay inside the triangle. On a breakout below the triangle, the advantage will tilt in favor of the bears. This could start a decline to $59,000 and then to the 61.8% Fibonacci retracement level of $54,298.
The 20-day EMA has started to turn up and the RSI is in the positive zone on the 4-hour chart, suggesting that the bulls have the upper hand. The uptrend may encounter strong resistance at the downtrend line, but if the bulls overcome this obstacle, the consolidation phase may end. The pair may rise to $72,000 and then to $73,777.
Contrary to this assumption, if the price falls and breaks below the moving average, it will show that the bears are unwilling to give up. The pair may then slide to the support line of the triangle. Sellers will have to pull the price below this level to indicate the beginning of the price decline to $59,000.
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