BTCUSD awaiting triangle break

BTCUSD awaiting triangle break

Bitcoin / Dollar BITFINEX:BTCUSD


Bitcoin is trading inside a triangle pattern on the lower time frame, with the BTCUSD pair once again confined to extremely narrow ranges. Bulls failed to make progress about the $3,700 level, as the former weekly rally in the number one cryptocurrency stalls. A break below the triangle pattern would likely provoke a technical test of the important $3,460 support level .

The BTCUSD pair is strongly bullish while trading above the $3,700 level, key technical resistance is found at the $3,960 and $4,200 levels.

If the BTCUSD pair trades below the $3,460 level, key support remains at the $3,280 and $3,120 levels.