Bitcoin has struggled to garner much momentum in recent times, with its price action being largely suppressed by the immense selling pressure found within the lower-$10,000 region.<\/p>\n
The five-figure price region has been a resistance level for the cryptocurrency ever since its decline from 2017 highs of nearly $20,000.<\/p>\n
Each visit to this region has been short-lived, and is typically followed by capitulatory declines.<\/p>\n
Analysts are now noting that Bitcoins consolidation may not last long, as it could be on the cusp of printing a $1,000 candle as it nears the apex of a large technical formation.<\/p>\n
At the time of writing, Bitcoin is trading up just under 1% at its current price of $9,770. This marks a notable climb from recent lows of under $9,400 that were set after BTCs latest rejection at $10,000.<\/p>\n
The price action seen throughout the past couple of weeks can largely be characterized as consolidation, as it has struggled to garner any sustainable momentum in either direction.<\/p>\n
It now appears that this lackluster trader period has led to the formation of a massive ascending triangle that could lead Bitcoin to see immense volatility in the days and weeks ahead.<\/p>\n
One options trader recently spoke about this typically bullish pattern, explaining that he believes a confirmed breakout could swiftly lead the benchmark crypto to over $10,400.<\/p>\n
BTC: Watching for a breakout. LTF showing an ascending triangle within an ascending triangle. First target is 10433~ if so. Will watch swing level at 10085.5 for a quick S\/R flip, wouldnt want to see a strong rejection there, but rather a short one before it flips support, he explained.<\/p>\n
Image Courtesy of Chase_NL<\/p>\n
Assuming that this ascending triangle formation plays out and leads Bitcoin higher, it is possible that the cryptocurrency could soon post a massive green candle.<\/p>\n
Another trader mused this possibility in a tweet, explaining that the key resistance he is currently watching sits at roughly $9,850.<\/p>\n
He notes that a decisive break and hold above this level could lead it to see some massive near-term upside.<\/p>\n
Green is all thats holding us from printing a $1000 green candle imo, he explained while referencing the chart seen below.<\/p>\n
Image Courtesy of George<\/p>\n
How it responds to the triangle pattern it is caught within could be the sole factor that determines whether it is able to post a massive continuance of its mid-term uptrend.<\/p>\n
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