Bitcoin has created a double peak in the resistance close to $15,800.

The price could move within an ascending triangle.

The BTC is probably in the 5th sub-wave of its wave 5.

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The price of Bitcoin (BTC) had been declining since its rejection by the $15,800 zone on November 9.

Despite its fall, the price has retraced and is Crypto Profit moving within a bullish pattern. It is expected that it will eventually outperform.

Bitcoin’s potential triangle
The price of Bitcoin is currently trading slightly below the $15,800 resistance level. The price has created what looks like a double peak within the resistance zone, and has subsequently dropped significantly. The double peak has combined with a bearish divergence in the RSI.

That said, it quickly recovered from this decline, leaving two long lower strands in its wake. This validated an ascending support line in place since November 3rd. Since then, the price has been rising above this line.

If it exceeds its triangle and increases over the entire height of the figure, the BTC could reach a peak at $17,200.

BTC Triangle

BTC chart – TradingView
In the short term, the price is currently seeking to exceed the 0.618 fibonacci level of the above mentioned decline, possibly having created another short-term upward triangle.

If the price rises above the $15,640 fibonacci 0.618 level, which is typically used as a retracement peak in corrections, the price could accelerate its rise.

Technical indicators support this movement, with the MACD rising and above 0, while the RSI also consolidates above 50.

BTC Breakout

BTC chart – TradingView
Long-term movement
The weekly BTC chart shows two crucial fibonacci resistance above the current price, and measured from the maximum price, dating from 2017.

These areas are at $16,000 and $17,200 and correspond to fibonacci levels 0.786 and 0.854. The 0.854 level also aligns with the triangle’s exit target. It is therefore likely that this zone acts as a vertex.

Thus, a potential exit from the triangle could push the price up towards this zone. Currently, there are no bearish signs suggesting that the price will reverse its trend.

BTC Weekly Time-Frame

BTC chart – TradingView
Wave count
Bitcoin’s wave count also indicates that an exit from the triangle could take place, and gives us a very similar target between $16,100 and $17,200.

This objective is obtained by projecting the length of sub-wave 1 to 3 onto sub-wave 4 (in blue and orange). This is also the fibonacci level 4,618 of sub-wave 1 (in blue).

BTC Wave Count

BTC chart – TradingView
In conclusion, Bitcoin’s price is expected to eventually surpass its current figure and climb to a local high of $17,200.