Bitcoin Forms Bullish Triangle Pattern, Hinting at Further Gains Ahead
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Bitcoin (BTC) appears to be consolidating into a triangular pattern, offering a positive outlook for the weeks ahead.
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The leading cryptocurrency has carved out higher lows and lower highs between $33,000 and $35,0000 in the past seven days, forming a triangle.
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Triangles tend to be continuation patterns, representing a pause that refreshes the preceding trend, which is bullish in BTC's case.
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A move above $35,000 would confirm a bullish triangle breakout, signaling a continuation of the rally from $26,500.
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While triangles usually resolve in the direction of the preceding trend, they can sometimes end with a downside breakout, indicating a bearish reversal.