Bitcoin Decisive Move Incoming: Will Bulls or Bears Win?

The Bitcoin price has been going sideways for nearly two weeks now. A flag pattern is potentially soon to break. Will it be to the upside, followed by a rally to the key overhead resistance, or could a correction back to the low $70K area be the outcome?

Triangle pattern about to break

Source: TradingView

What we can see in the 4-hour chart is that the original triangle pattern has become elongated. This stretched out the price action and enabled it to travel sideways a bit further. That said, the $BTC price typically doesn’t travel all the way to the end of patterns such as this. A breakout would usually take place as the price enters the last third, and that’s where it is right now. Tuesday is probably the day.

The bulls will be hanging on to the hope that as this is a continuation pattern, the breakout will be to the upside. On the balance of probabilities this would happen more often than not. However, if we look at the candle bodies we can see that the green upside moves contain lots of small candles, meaning that the move takes a lot longer, while the downside moves are quite sharp with longer and fewer candles. This would imply that the bears have been stronger. With the Stochastic RSI indicator lines coming down, could they signal the impetus to force a breakout to the downside?

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