• Vasily Trader

BITCOIN (BTCUSD): Still Looks Bullish

Hey traders,

Bitcoin remains weak for almost three weeks.

The price action is steadily contracting within a symmetrical triangle - a classic consolidation pattern.

What we know about this pattern is that most of the time the side of its breakout indicates the future direction of the market.

This week its resistance was broken and the price was trading for some time beyond its boundaries.

And even though the price returned back and tested the support of the triangle,

I still believe that it is reasonable to remain bullish biased.

I expect a bullish continuation to 40500/42800 levels.