Bitcoin BTC/USD popped up over Thursday’s 24-hour session high briefly on Friday, but a lack of bullish momentum into the move caused the crypto to fall lower, rejecting from the eight-day exponential moving average.
The crypto has been trading in a horizontal pattern over the last 11 trading days after plunging 28% between June 7 and June 13. The horizontal pattern, which has also consisted of a series of higher lows and lower highs, has settled Bitcoin into a symmetrical triangle pattern on the daily chart.
The pattern indicates that the bulls and bears are equally in control.
A symmetrical triangle is often formed on lower-than-average volume and demonstrates a decrease in volatility, indicating consolidation. The decreasing volume is often followed by a sharp increase in volume when the stock breaks up or down from the pattern, which should occur before the stock reaches the apex of the triangle.
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The Bitcoin Chart: Bitcoin is set to meet the apex of its symmetrical triangle pattern on Saturday. If the pattern is recognized by the algorithms, Bitcoin and other cryptocurrencies could be in for a big weekend move. Traders and investors can watch for the crypto to break up or down from the pattern on higher-than-average volume to gauge future direction.
See Also: If You Invested $100 In Bitcoin Gold, Ethereum Classic And Dogecoin In March 2020, Here's How Much You'd Have Now
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