BTC/USD Consolidates within Ascending Triangle
BTC/USD consolidates following the failed attempts to close above $37770 (78.6% Fibonacci extension), but Bitcoin may attempt to break out of the monthly range as an ascending triangle appears to be taking shape.
BTC/USD Outlook
BTC/USD may stage another rally as it seems to be trading within the confines of a continuation pattern, with a close above $37770 (78.6% Fibonacci extension) raising the scope for a test of the May 2022 high ($40021).
Next area of interest comes in around $41270 (100% Fibonacci extension) to $42240 (50% Fibonacci retracement), but the Relative Strength Index (RSI) seems to be diverging with price as it continues to move away from overbought territory.
Lack of momentum to close above $37770 (78.6% Fibonacci extension) may negate the ascending triangle, with a break/close below the $35020 (61.8% Fibonacci extension) to $35920 (38.2% Fibonacci retracement) region bringing the monthly low ($34130) on the radar.
BTC/USD Outlook
BTC/USD may stage another rally as it seems to be trading within the confines of a continuation pattern, with a close above $37770 (78.6% Fibonacci extension) raising the scope for a test of the May 2022 high ($40021).
Next area of interest comes in around $41270 (100% Fibonacci extension) to $42240 (50% Fibonacci retracement), but the Relative Strength Index (RSI) seems to be diverging with price as it continues to move away from overbought territory.
Lack of momentum to close above $37770 (78.6% Fibonacci extension) may negate the ascending triangle, with a break/close below the $35020 (61.8% Fibonacci extension) to $35920 (38.2% Fibonacci retracement) region bringing the monthly low ($34130) on the radar.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.