19:07 Bitcoin Forming a Consolidation Triangle
The price of has moved nowhere over the last couple of days and it was down 3 percent on Monday to trade at around the 4,000 USD mark.
Lately, has been forming what seems to be a consolidation triangle, which can be broken to either side. The lower support line of this triangle is currently at 3,870 USD, where previous lows are also seen. The upper resistance line is at 4,200 USD. Volatility has been decreasing recently, which could quickly change once the triangle is broken.
If the price drops below the triangle, the next target could be at the current cycle lows near 3,500 USD, but on the other hand, if bulls manage to push Bitcoin above the mentioned resistance, it might advance toward the 5,000 USD level.
However, the RSI bullish trend line was already broken to the downside, suggesting the price might follow lower, thus the outlook seems carefully bearish for Monday.
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|remaining time till the new event being published|
- U.S. consumer spending declines 13.6 percent in April, income surges 10.5 percent
- Canada’s economy shrinks 2.1 percent q-o-q in Q1
- U.S. consumer sentiment slightly worse than initially estimated in May
- Key events for next week: eurozone, UK and US PMI's, RBA, Bank of Canada and ECB interest rate decision, Australia and Japan GDP, Germany, Canada and the United States unemployment rate.