After Ethereum, Bitcoin price could break out of its symmetrical triangle and pull select altcoins higher.
Confidence in the United States financial system seems to be eroding fast with investors trying to find the next weakest link that is about to collapse. Bill Ackman, CEO of hedge fund management firm Pershing Square, cautioned thatThe U.S. equities markets have become vulnerable to adverse news on the regional banks as seen from the sell-off in the past three days. Compared to that, Bitcoin has held strong and is hovering near its critical overhead resistance at $31,000.
Could Bitcoin overcome the barrier at $31,000 and extend the up-move? Will the altcoins follow Bitcoin higher? Let’s study the charts of the top-10 cryptocurrencies to find out.Bitcoin continues to trade inside the symmetrical triangle pattern, indicating indecision among the bulls and the bears. Usually, the trend that was in force before the formation of the triangle tends to resume. That means the price is likely to break out to the upside.
Contrarily, if the price turns down from the resistance line, it will suggest that the pair may continue its random price action inside the triangle for a few more days. A break and close below the triangle will indicate that the bears have overpowered the bulls. The pair may then tumble to $25,250.
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