The chart below shows how Bitcoin price action is currently forming an ascending triangle pattern on the 8-hour candlestick timeframe chart. However, examples show how this same formation led to an upward reversal for Bitcoin in the past and then also a bearish continuation for Ethereum in the past.
Bullish And Bearish Scenarios For BitcoinOn the bullish side, Jackis highlighted that a breakout toward $96,000 is the kind of move that would confirm a bullish continuation. He added that a push through $96,000 at this point could open the path to $107,000 or higher.
On the other hand, Jackis’ bearish trigger is tied to the rising support line. Price action can look constructive right up until the trendline snaps, and that’s the point where downside continuation becomes the higher-probability route in this framework.
This means that a clean breakdown could change the conversation away from range chop in the mid-$90,000s to a reset.
