BTC triangle convergence trend is waiting for a breakthrough

In the 4-hour chart, BTC is still operating in a downward trend channel, which has fluctuated downward since the previous 19 years, reaching a high of $14,000. Recently, it has been operating in a small descending triangle. The USDT hearing two days ago and the US Congressional hearing on cryptocurrency regulation did not have a significant impact on the trend. It is still converging at the end of the triangle, and the volume continues to weaken.

This indicates that the weak and volatile trend will continue in the short term. The 4-hour MACD fast and slow lines and the RSI bottom are rising. In the short term, there are signs of accumulation of momentum. Once the volume breaks through the upper line of the triangle, it will attack the resistance range of 10,000 to 10,200 US dollars. As long as it does not stand above 10,200 US dollars, the overall situation is still weak.

The upcoming Fed rate cut decision will directly affect the trend of gold and Bitcoin. If there is no rate cut or it does not meet expectations, it will have a negative impact on the trend of gold and Bitcoin. The decline is also an opportunity to buy low and increase positions in the medium and long term. At present, this risk has not been eliminated and needs to be paid attention to. In terms of operation, it is recommended to continue to wait and see in the short term and wait for the new trend to be established before following up.