Bitcoin is forming a symmetrical triangle on the 4-hour chart.

It’s a sign of consolidation before a breakout or breakdown.

Right now, it’s sitting near the tip of the triangle and The 50 SMA is giving support from below which is bullish.

If it breaks out upwards, next resistance is around $86,500 to $87,000.

If it breaks down, support lies near $83,000 to $82,000.