Crypto Daily – (BTC) continues to traverse sideways, while holding the very important $58,000 horizontal support level. However, a decision point is approaching, as the $BTC price nears the end of a triangle pattern. A breakout to the upside is the more likely scenario.
$BTC continues to hold critical $58,000 level
Following the huge dump down to $49,000, the $BTC price made a v-shaped recovery – briefly hitting $62,700. However, since that time, the price has been consolidating, while managing to hold above the big support level of $58,000.
Triangle or bull flag pattern?
This consolidation movement has formed a triangle pattern, the top point of which was the last local high of $70,000, achieved at the end of July. The triangle should break in the next couple of days, and given that the $BTC price is generally trending higher, the breakout could be to the upside.
Should the breakout occur to the upside, the near term targets would be $60,000 and…
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