Bitcoin: Triangle range about to end

BTC stuck in a triangle trading range that is about to end.
May continue earlier downward trend after breaking out of the range.

Manoj B Rawal Independent Analyst

Bitcoin, the poster boy of cryptocurrencies, has been trading in a narrowing range of a triangle for last one month and now seems to be in the process of breaking out of this triangle which may result in BTC continuing its earlier southward journey.

BTC/USD is lower by two cents of a percent on day at $3,549 in just over one percent range for the day. On the six-hour chart of the largest crypto, BTC has been trading in a narrowing triangular range since last one month and is now closing in on breaking out of it, which would mean continuing the earlier downward journey which paused for a while.

This breakdown would also mean BTC would break lower of the $3k mark and may even inch closer to $2k mark.

BTC/USD 360-minute chart:

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Author

Manoj B Rawal

Independent Analyst

Manoj B Rawal, financial markets professional with about 11 years of experience in writing, editing and advising on stocks, currencies and fixed income.

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