Looking at Bitcoin as a crypto, it is working towards a decision deadline of October 10th

Bitcoin (CRYPTO:BTC) is up nearly 3% on Monday, in line with the broader market, which is up about 2.7%.

The leading cryptocurrency was muted over the weekend, falling slightly below average, indicating consolidation.

Bitcoin’s recent consolidation took place within a triangle formation on the daily chart.

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A symmetrical triangle pattern occurs when a stock forms a series of lower highs and higher lows between a descending trendline and an ascending trendline that meet and taper to the right side of the chart. The pattern indicates that the bulls and bears are in equal control.

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A symmetrical triangle is often formed when volume is below average and indicates a decrease in volatility, suggesting a consolidation. The falling volume is often followed by a sharp increase in volume if the stock breaks out of the pattern, either up or down, which should happen before the stock reaches the apex of the triangle.

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  • Aggressive bullish traders may choose to buy a stock in a symmetrical triangle when the security reverses at the lower rising trendline, with a stop if the stock fails at the upper descending trendline of the pattern. More conservative traders can wait for the stock to break out of the pattern to the upside on above-average volume.
  • Aggressive bearish traders may choose to counter the bulls by going short on a rejection of the upper descending trendline and covering the position if the stock finds support at the lower trendline. Unlike the bulls, conservative bearish traders can wait for the stock to break away from the lower trendline on above-average bearish volume.

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The Bitcoin Chart: Bitcoin has been trading within a symmetrical triangle since September 26th, but has remained above the lower rising trendline since September 21st. Bitcoin will reach the top of the triangle around October 10, and bearish and bullish traders can look for the cryptocurrency to break out of the pattern to up and down on above-average volume to indicate that the pattern has been identified.

  • Over the past three days, volume has been steadily increasing, suggesting that the cryptocurrency is regaining interest. If Bitcoin closes the trading day close to its daily high, the cryptocurrency will print a bullish Marubozu candle, which could indicate that higher prices are expected again during Tuesday’s 24-hour trading session.
  • If Bitcoin turns lower on Tuesday, bullish traders will want to see the crypto sustain above the pattern’s lower rising trendline. Bearish traders would like to see Bitcoin break out of the triangle pattern, which could indicate that the consolidation phase is over and a downtrend is about to begin.
  • Bitcoin has resistance at $19,915 and $21,313.41 at the top and support at $17,580 and $16,000 at the bottom.

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See also: Bitcoin, Ethereum, Dogecoin Slide: Analyst warns of ‘very volatile’ week ahead

Should Bitcoin Investors Sell Immediately? Or is it worth getting started?

How will Bitcoin evolve now? Is an entry worth it, or should investors rather sell? You can find out the answers to these questions and why you should act now in the current Bitcoin analysis.

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