BITSTAMP:BTCUSD   Bitcoin / U.S. Dollar
Good morning, today we are looking at the 4 hours time frame which is showing
a triangle formation in progress.
As mentioned in my previous analysis, the 44'200 level should be considered as an important
resistance area , which, for the time being has not been broken on a H4 closing basis yet.
Indeed, this pivot level should not be underestimated as it is also :
1) the top of the H4 clouds resistance area ;
2) the potential breakout level of the triangle formation in progress;
3) the 50% Fibonacci retracement of the 48834-39573 downside move.
In addition, RSI indicator is also in progress to breakout the 50 level.
A next H4 closing level above 44'200 would be the first warning signal, calling for further
upside !
Triangle breakout, on one or on the other side, would imply, a move of 5'586 points, targeting respectively
49'786 (psychological 50'000 level) on the upside and 36440 on the downside (roughly the weekly clouds bottom level

So, watch carefully price action over the coming hours, in looking at the shorter time frames in order to detect early signal (s) which
would validate or invalidate the potential triangle breakout above mentioned.
On the downside, a sustainable move below 43'500 (see H1 chart) should also be seen as the first warning signal for further downside, targeting
42'600 ahead of 41'950, currently the level of the triangle support trend line .

Have a nice day
All the best and take care

Technical analyst Expert since 1991. Member of the Swiss Association of Market Technicians (SAMT).