FX.co ★ Bitcoin sideways movement to end soon

Bitcoin continues to move sideways in the short term. It seems undecided after failing to move in one direction lately. It was traded at 19,245 at the time of writing and most likely it will extend this range.

In the last 24 hours, BTC/USD is down by 1.56% but it's still up by 1.93% in the last 7 days. A clear direction in BTC/USD could bring new opportunities in altcoins as well.

BTC/USD Triangle Pattern!

BTC/USD is trapped between 18,271 and the downtrend line. The price action developed a triangle pattern. Breaking out from this formation could bring us a clear direction and new trading opportunities.

Technically, the 20,381 represents an upside obstacle as well. You should be careful because a false breakout in one direction could signal a valid breakout in the opposite direction.

BTC/USD Outlook!

An upside breakout from the current triangle and a new higher high, a bullish closure above 20,381 validates a new swing higher. This scenario helps the traders to go long.