Bitcoin seems to have made a convincing break out of its symmetrical triangle pattern visible on the daily and 4-hour time frames. This could indicate that an uptrend is in the works, possibly lasting by the same height as the chart formation.

The triangle spans $3,200 to around $4,400 so the move could last by $1,200 and take Bitcoin up to the $5,000 levels next. This lines up with several analysts’ near-term forecasts of around $5,000-5,500 by May.

The 100 SMA is above the longer-term 200 SMA to confirm that the path of least resistance is to the upside. In other words, the climb is more likely to gain traction than to reverse. Price is also moving inside a short-term ascending channel that could add more support areas close by.

The 100 SMA is close to the mid-channel area of interest and broken triangle top, so it might hold as support in a pullback. A larger correction could last until the bottom of the short-term channel and 200 SMA dynamic inflection point at $4,000.

RSI has made its way down from the overbought zone to indicate that selling pressure has returned, but the oscillator is also turning back up to suggest that buyers are still putting up a fight. Stochastic also headed south from the overbought zone but has changed its mind before even hitting the center line.

Another new month seems to have heralded optimism for cryptocurrencies, which has been the case for most of the previous months. Traders are likely anticipating new developments in the coming weeks, although this behavior also tends to be tempered around the middle of the month.

But if actual catalysts are able to sustain the buying interest this time and yield more, bitcoin could have a shot at going for the near-term upside targets from here. The lack of support from developments, on the other hand, could put it back in consolidation mode.

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