In a chart pattern, Bitcoin (BTC/USD) is consolidating after mooning over the past few days!
Is a reversal imminent for the cryptocurrency king? Or is the Bitcoin bull just taking a break?
We're examining the 4-hour chart more closely in search of hints:
The reason behind the unexpected resumption of posts from the cryptocurrency enthusiasts you follow could be that in a matter of days, bitcoin (BTC/USD) surged from below $27,000 to around $34,000.
With the sudden surge in BTC/USD, are you experiencing FOMO? In the upcoming trading sessions, there might be additional.
But only if the 4-hour time frame sees a breakout of BTC/USD above its ascending triangle/bullish pennant formation! Recall that breakouts to the negative are still likely and that consolidations can break either way.
The current levels of BTC/USD near the support of its trend line should draw purchasing pressure, particularly if the trend line holds and the pair exhibits bullish candlesticks.
Retests of earlier areas of interest, such as 38,000 or 40,000, would be necessary if there is a pronounced break above the psychological handle of 35,000.
However, if BTC/USD regularly trades below 33,000 or if the pair records new daily lows, we can contemplate a potential retracement to the significant 30,000 prior pivot point.
How do you feel? What direction will Bitcoin/USD go?
