BTC/USD Consolidates within Ascending Triangle

BTC/USD consolidates following the failed attempts to close above $37770 (78.6% Fibonacci extension), but Bitcoin may attempt to break out of the monthly range as an ascending triangle appears to be taking shape.

BTC/USD Outlook

BTC/USD may stage another rally as it seems to be trading within the confines of a continuation pattern, with a close above $37770 (78.6% Fibonacci extension) raising the scope for a test of the May 2022 high ($40021).

Next area of interest comes in around $41270 (100% Fibonacci extension) to $42240 (50% Fibonacci retracement), but the Relative Strength Index (RSI) seems to be diverging with price as it continues to move away from overbought territory.

Lack of momentum to close above $37770 (78.6% Fibonacci extension) may negate the ascending triangle, with a break/close below the $35020 (61.8% Fibonacci extension) to $35920 (38.2% Fibonacci retracement) region bringing the monthly low ($34130) on the radar.