Bitcoin may be about to move higher. It has formed a classic rectangle pattern on its chart. This pattern can indicate a reversal.
When markets have big selloffs, like Bitcoin did in April and early May, they may spend time consolidating or trading sideways before deciding the direction to go in next. This forms a trading range that appears to look like a rectangle on the charts.
And as you can see on the following chart, this has occurred with Bitcoin.
The top of the range has been around $31,800. If the crypto can work its way through this resistance, there’s a good chance that a new uptrend forms.
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