While still chopping sideways, the $BTC price is also continuing to edge up. Could a definitive breakout take place as early as next week? Or is Bitcoin still traversing within its bear flag before the next big leg down? Can this upside push retest the $90,000 resistance? Source: TradingView As can be seen in the 4-hour chart, the $BTC price is in an up phase at the moment. This has taken the price clear of the major ascending trendline, but the bulls are having some trouble with resistance at $89,000 while the Stochastic RSI indicator lines on this time frame are becoming overbought. There is still probably room for the price to head up to the crucial $90,500 horizontal resistance level, but if it did get there, it is likely that it will be rejected once again. In fact, it might be argued that the $BTC price could be forming an ascending triangle, with $90,500 as the top, and with the major trendline ascending towards it. Is an ascending triangle forming? Source: TradingView The daily chart shows the potential ascending triangle. It may be a bit on the early side to call this, but as long as the $BTC price comes up to the resistance of the top of the triangle, and is rejected, this would probably confirm the pattern. It must however also be borne in mind that the price is in a bear flag (dashed mauve lines), so even if the $BTC price does break out of the ascending triangle, it would still be in that bear flag, potentially until well over $100,000. Strong breakout of the downtrend - bulls in control for now Source: TradingView The weekly view shows a strong breakout of the downtrend line and the falling wedge pattern. It can be seen that if the $BTC price can break through the $93,000 to $94,000 area, this would turn into major horizontal support, potentially setting the price for a big rally higher. At the bottom of the chart, the indicator lines are posturing for a cross back to the upside of the blue fast line over the orange slow line. If this is the case at the end of this week, next week could be a good one for the bulls. It just needs to be kept in mind that the price has been hammered down every time it looks as though it might escape the shackles of the resistances. Who knows if the market makers are ready to let the price fly just yet? One thing does look likely though, and that is the eventual big move will be to the upside. Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
