Bitcoin's Triangular Consolidation Offers Bullish Outlook: Technical Analysis

The chart of the day is brought to you by crypto dot com. The world's fastest growing crypto app. Let's take a look at the chart of the day. Bitcoin appears to be consolidating into a triangular pattern offering a positive outlook for the weeks ahead. The leading Cryptocurrency by market cap has changed hands between 67,000 in the past seven days forming a triangle on the price chart. Triangles tend to be continuation patterns presenting a pause that refreshes the preceding trend which is bullish in Bitcoin's case, the token rallied from $26,500 to $35,000 before starting its triangular behavior. One analyst at FX pro said in an email quote, it is generally believed that such consolidation formations end with an upward break. Although triangles usually resolve in the direction of the preceding trend, they can sometimes end with a downside breakout indicating a bearish trend reversal. Traders should continue to follow the price action closely over the next few days. That's it for today's chart of the day. I'm Jen Sani. We'll see you next time to unpack more of the data behind top news stories.