Yesterday, bulls tried to break the resistance level of the triangle pattern and the area near this resistance level that is located not far from the high logged on January 29. However, they failed to do this and returned to the previous levels.
As expected, today, bulls may test again this area. However, the price will advance above the triangle only if it consolidates above the level of 38,610.88.
Bitcoin has long been trying to break the level near the upper limit of the triangle. This proves that the resistance level is very strong. Thus, bitcoin may reach new record highs.
Nevertheless, at the moment, the situation is uncertain. It is too early and risky to take trade decisions now. There are still two scenarios. According to the first one, bitcoin will break the upper limit of the triangle to hit its fresh all-time high. Otherwise, it will return to the levels within the pattern to fall to the level of 34,708.27.
The material has been provided by InstaForex Company – www.instaforex.com
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