Bitcoin continues to move sideways, but soon this will stop.

Bitcoin has formed a short-term triangle pattern as price is moving mostly sideways inside a tightening range for the last few sessions. Price is trapped between $37,000 and $33,000. Price could continue moving sideways for a couple of more days but eventually we will see a break out and a strong move.

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Red line - support

Blue line - resistance

Bitcoin as can be seen in the 4 hour chart above, is moving mostly sideways since June 28th. Price has now resistance at $35,500 and support at $33,000. Breaking either of the triangle boundaries will give an important trading signal. Breaking above the blue resistance trend line will open the way for a test of the major resistance at $41,000. Breaking below the red support trend line will open the way for a move towards $30,000 and lower.

The material has been provided by InstaForex Company - www.instaforex.com

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