BTCUSD (Bitcoin) has been following a neutral trajectory since the end of January, driving back and forth between the 45,855 and 32,950 boundaries, though a symmetrical triangle started to become evident in March, suggesting that the next round of volatility could soon commence.
The momentum indicators provide little clue about which direction the market will take as the RSI keeps fluctuating around its 50 neutral mark, and the MACD is stable just below zero. Yet as long as the former holds above 50 and the latter hovers above its red signal line, upside movements are more likely than downside ones. The positive slope in the Stochastics is also backing this narrative.
If the popular crypto jumps above the triangle and the 23.6% Fibonacci retracement of the 68,999 – 32,950 down leg at 41,631, the bulls may push for a close above the 44,079 border. If efforts prove successful this time, buying pressures may grow up to the 200-day simple moving average (SMA) at 48,543. Beyond that, the rally may continue towards the 50% Fibonacci of 51,129 and then another battle could take place somewhere between the 61.8% Fibonacci of 55,375 and the 59,000 round level.
Alternatively, a break below the triangle and the 38,365 number could see an extension towards the 34,000 bottom. If sellers breach that base, the next pivot point could emerge around 30,000. Failure to bounce here could bring the 25,000 handle under examination.
In brief, BTCUSD is holding a neutral bias within a symmetrical triangle. A sustainable move above or below that formation could navigate the market accordingly.
