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17.03.202318:07 Forex Analysis & Reviews: Bitcoin expanding triangle pattern in play

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Black lines- expanding triangle

Bitcoin is once again near $26,500 making new higher highs. Price is trading close to the resistance trend line of the expanding triangle pattern Bitcoin is currently in. This resistance is around $27,000. Bitcoin bulls need to be cautious as a rejection at current levels could bring price back towards $20,000 at least. Short-term support is found at $23,900 where the recent consolidation was made. Technically short-term trend remains bullish as price continues making higher highs and higher lows. The RSI continues providing bearish divergence signs as it does not make higher highs as price does. Bulls need to be very cautious as a pull back is very probable.

Alexandros Yfantis
Analytical expert of InstaForex
© 2007-2024

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