Bitcoin has formed higher lows and found resistance at the $9,400 mark, creating an ascending triangle on the 1-hour chart. The price recently bounced off support and is closing in on the triangle top.

The 100 SMA is above the longer-term 200 SMA to indicate that the path of least resistance is to the upside. In other words, the climb is more likely to gain traction and resistance might even break. If so, bitcoin could be in for a climb that’s around the same height as the chart formation, which spans $8,800 to $9,400.

The 100 SMA is also close to the bottom of the triangle to add to its strength as support around $9,150. RSI is still heading up to show that there is some bullish pressure left, but the oscillator is closing in on the overbought zone to signal possible exhaustion. Turning lower could lead to resistance holding and another move back to support.

Stochastic is also in the overbought zone to show that bullish momentum is exhausted and that sellers could take over from here.

Bitcoin is still said to be drawing bullish pressure leading up to the launch of Facebook’s Libra, which is aimed to tap into mainstream usage through support from the likes of Uber and Starbucks.

Although this is initially seen to be competition to bitcoin, many believe that the older and more stable digital assets might be in better position to advance in the long run. After all, Libra could bring the spotlight to cryptocurrency among its wide user base but the coin might still be plagued with several issues that other digital assets like bitcoin have already overcome.

As Facebook detailed, this Libra project could take up to a year to become publicly available and maybe two to five years to be judged a success.

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