Bitcoin Update - The Calm Before The Storm?
The ascending triangle continues to take shape. Bitcoin is moving sideways for now but a sudden move is expected as it continues to get squeezed in this triangle.
Keep a close eye on this!
One area for concern for the bulls is that the current price action is beginning to move sideways. As it does this, the upper band in the Bollinger Bands has moved higher and the middle of the bands (the 20 day MA) has moved up as well.
While we're still seeing Bitcoin trade in the upper band, it's not showing the same finesse as we saw during the recent pump at the end of July.
Also worth noting, the 10 day Moving Average is increasing slower now but maintaining (rather than increasing) the gap between the 50 day Moving Average.
In summary : things are still bullish... but calmed down a bit. 😉
Keep watching the charts! 📈
Please note : this is opinion and should not be taken as financial advice.