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Bitcoin forms a triangle pattern

Bitcoin traded higher on the Binance cryptocurrency exchange on Tuesday, April 20. The price action increased by 1.42% to $56,425. BTC remains under pressure as there is demand for altcoins traded in pairs with BTC. In the upshot, Bitcoin’s share in the global crypto market dropped to 51.98%.

Another negative factor for Bitcoin is an upturn in the average transaction fee on the Bitcoin network, which recently topped out at $60. This was due to a sharp hash rate drop on the back of power outages in China. Thus, while the mining difficulty remained the same and the computing power of the network decreased, block-intervals increased to 15 minutes.

On the hourly TF, consolidation lasts 77 hours. During this time, a triangle pattern has shaped up. In terms of wave structure, it clearly fits a symmetrical triangle. However, there is not enough wave E for completion.

The pattern is sketched only for a single figure to highlight its structure.  Moreover, there are many triangular patterns on the market, but almost no ideal triangles (just so that everything runs according to the 3-3-3-3-3 rules).

If sellers hesitate, the breakout will be to the upside. The triangle will be in a different wave structure. Remember that when everyone sees the triangle, there may be a false breakout to the downside followed by an upward reversal above the top of wave E.

The target for wave E is $56,385. If selling resumes with renewed momentum, the target will likely be $50,000. If the price action breaks out to upside, buyers will target the $59,250 mark. Based on the dynamics of Tesla shares, Bitcoin can be expected to rally after April 22.

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