Looking at the four hour chart we have a clearly forming symmetrical triangle. Volume is declining and the range is getting tighter. Expecting a breakout by the 20th of Jan.
This pattern gives some huge targets of around $49K if we break up or $26k if we breakdown. Pay close attention, this is going to be wild!
Personally I am very unsure of which way this could go. A break down would make sense to reset the RSI on the weekly timeframe, and would match the previous Bitcoin bull market a bit better. But the pattern could also be interpreted as a bullish pennant, and so we should expect to more likely to break up. No bias either way from me.
This pattern gives some huge targets of around $49K if we break up or $26k if we breakdown. Pay close attention, this is going to be wild!
Personally I am very unsure of which way this could go. A break down would make sense to reset the RSI on the weekly timeframe, and would match the previous Bitcoin bull market a bit better. But the pattern could also be interpreted as a bullish pennant, and so we should expect to more likely to break up. No bias either way from me.