Bitcoin Breakout Imminent: Bulls vs Bears
The Bitcoin price has been stuck in a sideways pattern for nearly two weeks. Technical analysts are expecting a decisive move, but it's unclear which direction it will take.
A triangle pattern on the 4-hour chart is close to breaking, and if it does, the breakout could happen as early as Tuesday. Historically, breakouts occur when the price enters the last third of a pattern like this.
The bulls are hopeful that the breakout will be to the upside, but the bears have been stronger in recent moves. The Stochastic RSI indicator lines are coming down, which could signal a move to the downside.
In the daily time frame, a classic bull pennant has formed at the top of the flag pole. However, the $78,500 horizontal resistance level is keeping the price below. If the bulls can break through this level, they'll have very little time left to do so.