BTC/USD

Bitcoin is still stuck in consolidation for yet another day, but bulls are finding hope in the fact that price was able to hold its head above $4,100 again. Besides, another attempt to break past the near-term resistance appears underway.

Recall that bitcoin created an inverse head and shoulders on its 4-hour time frame and this is a classic reversal signal. A break past the neckline at the $4,400 mark could be enough to confirm that a longer-term climb is in the works, possibly lasting by the same height as the chart formation.

At the same time, price is consolidating inside a somewhat symmetrical triangle formation whose breakout could also provide clues on where price might be heading next. Note that the triangle spans $3,200 to around $4,500 so the resulting move could be of the same height.