BTC/USD Consolidation in a Low Volatility Triangle

2 min read
tarantula fx

tarantula fx

Head of Trading

The BTC/USD has been consolidating within an elongated triangle and at this point it is very close to it’s apex. We might witness a breakout soon.

The consolidation happens within the bullish range between W H3 and W H4. The price is also stuck within the daily range D L3-D H3. This means traders are not sure where the price will go next. Huge volatility that preceeded the consolidation left majority of traders confused. However if we see a close above D H3- 6776.06 we should see a bounce towards 6889.65. A close below 6548.90 will give the strength to bears as the price might aim for 6435.31. While the price is within the triangle the range bound market will continue its sideways chop.

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