Cryptocurrency bitcoin continues to chop in a triangle pattern, trading just north of $7,500. Triangle patterns are consolidation formations, signaling shrinking volatility in the near-term but promising a big move on the horizon. Just last week, the cryptocurrency hit the lower end of the triangle, near $7,000. It held and bounced back to $7,500+.
Price Ranges To Watch
The upside of the range is just under $9,000. As long as it stays between these two levels, expect chop. However, if it breaks below $7,000, bitcoin will head to $4,900. If it breaks above $9,000, bitcoin will head to $20,000. This is why triangle patterns are so important to watch. The resulting move from the breakout/breakdown will be epic. Note the chart below.
