Bitcoin Chart Update - Triangle Spotted!

I posted the other day that I thought the Bitcoin correction was coming to an end, and if there's one thing that will either confirm or deny that; it's a triangle pattern.

The downtrend is currently still intact as you can see here:

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https://www.tradingview.com/x/m8jOlBiV/
4 Hour Chart

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With both the more longer term, and also the steeper shorter term downtrend still keeping prices surpressed.

But, The more shorter term trendline + a rising support line = triangle!

Could It Be?

I've not had the most luck recently with my triangle pattern predictions (you can't predict a FUD inspired crash), but this looks very promising to me:

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https://www.tradingview.com/x/X2QYzGlW/
4 Hour Chart

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If that's right - and I hope it is - then we should see one last drop before the triangle is completed, followed by a fresh rally higher.

What Else?

Also of note, the RSI is showing some strength, but isn't quite high enough to push prices much higher yet. Combine that with a MACD below the signal line, and lower than usual volume, and it could indicate that a drop to the (possible) "E" will be next.

If my triangle count is false? Be prepared for some more downside movement too! They can go either way.

Any thoughts on Bitcoin's next move? Lemme have 'em below!

Thanks for stopping by!

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For more great technical analysis and crypto related posts, see also: @toofasteddie, @gazur, @ew-and-patterns, @pawsdog, @cryptomagic, @exxodus, @beiker, @allthereisislove, @lordoftruth, @masterthematrix, @cryptoheads, @tombort, @maarnio, @steemaze & @briggsy

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Not investment, finance or trading advice.