Bitcoin Impending Triangle Breakout Targets $8,000

For now, the only hope the bulls have of seeing $8,000 again before the year ends id the impeding symmetrical triangle breakout. The momentum likely to come from the pattern breakout could have the energy to clear the resistances at $7,400, $7,700, as well as $8,000.

From a technical perspective, the current drab sideways trading momentum is likely to continue. The RSI is moving horizontally at 40 after recovering from levels close to 30. As long as Bitcoin stays above $7,000, they will eventually push past $7,200. Also, trading above both the 50 EMA and the 100 EMA on the 4-hour chart is likely to encourage more buying entries.

Bitcoin Key Technical Levels:
BitMEX index price: $7,080
Volume: $1.2 billion
Open interest: $8,000
RSI: Bearish bias
Trend: Bearish
Support: $7,000
Resistance: $7,200