BTC Breaks Short Term Triangle - Will $31.5K Double-Bottom Hold?

• Bitcoin is up a small 1% today as it battles to get back above $33,000.
  
  
• The cryptocurrency fell beneath a short-term symmetrical triangle pattern this week as the bulls fail to maintain the consolidation.
  
  
• All eyes rest on $30K for medium-term support.
  
  

Bitcoin is down a small 1.3% on the week as it returns back to around $32,800. The cryptocurrency was trading inside the confines of a symmetrical triangle pattern throughout the week but eventually broke beneath the lower boundary yesterday and headed into $32K support.
The buyers have defended $32K but seem to be struggling to climb back above $33K, which could be indicative of another bearish weekend incoming.
Despite the short-term triangle breakout, BTC still remains within the large range between $42K and $30K. A breakout of this range is what will dictate the next direction for the coin over the coming months.

Bitcoin Price Analysis

What has been going on?
Looking at the 4-hour chart, we can see that BTC was trading inside a symmetrical triangle pattern for most of the week. However, after failing to break $36,000 earlier in the week, the ears pushed BTC into the lower boundary of the triangle and the support around $33,414 (.5 Fib Retracement).

The bulls did try to defend the lower boundary and started to trend higher. However, they could not penetrate the resistance at $35,000 - provided by a bearish .5 Fib Retracement level and, as a result, BTC rolled over yesterday and fell beneath the lower boundary of the triangle.

After breaking beneath it, BTC continued lower and almost went as low as $32,000. It has since bounced but is showing struggles to break the resistance at $33,000.

Bitcoin price short-term prediction: NEUTRAL
Bitcoin still remains neutral in the short term and would have to break above resistance at $42,000 to start to turn bullish again. On the other side, a daily closing candle beneath $30,000 would be required to turn the market bearish.

Looking ahead, the first support lies at $32,650 (short-term .618 Fib Retracement). This is followed by $32,000, $31,500 (double-bottom formation support), $31,155 (.886 Fib Retracement), and $31,000.

Additional support lies at $30,600 and $30,000.

Where Is The Resistance Toward The Upside?
On the other side, the first resistance now lies at $33,000. This is followed by $33,415, $34,000, and $35,000 (bearish .5 Fib Retracement). Above this, additional resistance lies at $36,000, $36,515 (bearish .618 Fib Retracement), $38,000, and $38,620 (bearish .786 Fib Retracement).