Bitcoin: Reaching the apex of smaller descending triangle. What's Next?

Looking at the 30 min chart, we can see a descending triangle has formed. This means as it gets closer to the apex, a large move is likely. This move could be up OR down.

Zooming into the 30 min chart, we can see bitcoin has been consolidating between a strong support and resistance zone. If it breaks the support, a drop to $7,600 is likely. If it breaks up through the resistance, we could see a rise to $8,500.

Looking at the 4 hour RSI, we can see its moved back on top of the ascending support line. This is certainly a bullish indication.

Looking at the 4 hour MACD, not much has changed. Still waiting on a break out above the descending triangle.

Finally, as I said yesterday, I want to keep you all updated on the LOG scale chart. For those that don't know, this is the chart that analyzes gains and losses as a percentage of movement rather than price. Some analysts ignore this chart while others swear by it. I believe it has merit.

There's a clear descending triangle on LOG scale that has not yet been broken out of. I believe once Bitcoin does breakout, an uptrend will be confirmed and we can officially call this a "bull market".
Bitcoin is moving closer to the apex. We may see a breakout within the next week or less.

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