Bitcoin is currently in a sideways market, entering a bull market triangle. This pattern usually means that the market is about to experience an upward or downward breakthrough, which may occur later on Friday or early on Saturday
Bitcoin is currently in a sideways market, entering a bull market triangle. This pattern usually means that the market is about to experience an upward or downward breakthrough, which may occur later on Friday or early on Saturday.
In the past week, the price of Bitcoin has risen by 18.6% and green candles have appeared for seven consecutive days. This indicates that the bull market is experiencing strong upward momentum, but it also needs some time to rest. The bull market triangle flag pattern is a common price pattern, usually indicating that market uncertainty is accumulating and a strong trend is about to emerge.
The current bullish triangle has expanded and become longer in the past 24 hours, but still restricts prices internally. If the price remains within the flag until the tip, then it should break through on Saturday morning. However, Bitcoin is usually used to breaking through this trajectory from 2/3 to 3/4, and now the price has reached this level.
In the past 8 4 hours, 6 candles have been red, so the price is currently at the bottom of the triangle, approximately $33950. The 4-hour and 8-hour random RSI have already bottomed out, and the 12-hour random RSI may bottom out over the weekend. Both weekly random RSI and biweekly random RSI are on the rise, and monthly RSI may cross rebound before next Wednesday, indicating a very optimistic long-term trend outlook.
Bitcoin decoupling
The rise of Bitcoin exhibits an unusual characteristic as it has completely decoupled and is no longer influenced by the S&P 500 index or the Nasdaq index, which is dominated by technology stocks. Although the Standard&Poor's index fell 5% last week and the Nasdaq index fell 6.3%, Bitcoin rose 14.6%.
Smart funds are shifting towards Bitcoin
It seems that smart investors are finally beginning to realize that although Bitcoin has a relatively short history, its half cycle repeatability indicates that if repeated again, Bitcoin is likely going through the first stage of its upward cycle.
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