FX.co ★ Bitcoin in triangle patter

Bitcoin price has made no real progress since late April. Price has been mostly moving sideways in a tightening range. This price action has formed a triangle pattern. It is important to be patient now and wait for a break out above or below the triangle in order to follow the trend.

Green rectangle -target if price breaks the lower triangle boundary

Blue rectangle - target if price breaks the upper triangle boundary

Bitcoin price is running out of space. Soon we will have a break out of this pattern. The most probable outcome in similar patterns is to break to the upside. However we prefer to be patient and wait for price to show the way. Some times the best position to have is not to have a position.