Bitcoin / US Dollar: upside-or downside breakout (4 hour chart)
At the moment price is at a breaking point of a triangle (orange lines).
The triangle is a continuation pattern so the upside is favored in this case.
However, you can also see a rising wedge (blue lines).
The rising wedge is a reversal pattern so if you would apply this pattern, the downside is favored.
Bitcoin is in a rising trend so from that perspective a continuation is likely: upside is favored.
However, there is bearish divergence (red lines) between the RSI and the price.
This would favor the downside.
Time will tell.
Whatever the outcome will be, we will probably see a big move in price in whatever direction the price breaks out
The triangle is a continuation pattern so the upside is favored in this case.
However, you can also see a rising wedge (blue lines).
The rising wedge is a reversal pattern so if you would apply this pattern, the downside is favored.
Bitcoin is in a rising trend so from that perspective a continuation is likely: upside is favored.
However, there is bearish divergence (red lines) between the RSI and the price.
This would favor the downside.
Time will tell.
Whatever the outcome will be, we will probably see a big move in price in whatever direction the price breaks out