Bitcoin has escaped a two-month consolidation, marking a bullish turning point for the market, according to analysts. By godbole17
Bitcoin's escape from a prolonged consolidation has traders tracking chart patterns calling an extended move to the higher side.
Triangles, which represent a steady narrowing of the trading range, form when bulls and bears are unwilling to lead the price action. So, traders and chart analysts consider an eventual escape from the triangle in either direction a hint of a beginning of a new bull or bear run. The above chart shows a bull cross between the 50- and 100-day simple moving averages could soon happen, strengthening the positive case presented by the triangle breakout.
In other words, the cryptocurrency is yet to decouple from stocks, and renewed risk aversion in traditional finance, if any, could play spoil sport.
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