BTCUSD has transitioned into a contracting wedge
After securing the target from the rising wedge breakout (check linked idea), BTCUSD 4 hour chart has now taken the shape of a contracting wedge/symmetrical triangle.
While often interpreted as a continuation pattern, like all triangles, a symmetrical triangle is a neutral pattern with a slight continuation bias (bullish in this instance). This could soon break either way in a few short sessions.
It's worth keeping an eye on RSI since the RSI trendline identified before the rising wedge breakout is still providing seemingly impenetrable resistance.
A bullish breakout will be further confirmed by a break above the RSI trendline and surge in volume. A bearish breakout could see us testing the 38.2% Fibonacci retracement level for support.
While often interpreted as a continuation pattern, like all triangles, a symmetrical triangle is a neutral pattern with a slight continuation bias (bullish in this instance). This could soon break either way in a few short sessions.
It's worth keeping an eye on RSI since the RSI trendline identified before the rising wedge breakout is still providing seemingly impenetrable resistance.
A bullish breakout will be further confirmed by a break above the RSI trendline and surge in volume. A bearish breakout could see us testing the 38.2% Fibonacci retracement level for support.
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