Bitcoin prices have started to consolidate, even as it seems that the Russian parliament appears to have backed down from supporting widely reported plans to ban Bitcoin. That is if statements from Russian parliamentarian and Head of State Duma Committee on Financial Markets are to be believed.
Anatoly Aksakov, the head of the State Duma Committee on Financial Markets, recently provided statements to YouTube Channel Prekrasnaya Rossiya in which he denied that Russian parliamentarians were clamouring for the ban on Bitcoin in Russia.
These comments did not affect Bitcoin prices, which continue to oscillate in the market and are starting to show a distinct pattern.
The price pattern on the BTCUSD chart has started to show progressively lower lows. Price action had previously traded within an ascending channel. The higher lows of the price pattern in the last two weeks of price action can be combined with the lower highs to form a symmetrical triangle.
Price may, therefore, continue to trade within these identified borders in the days to come, oscillating between the 9600 price level (intraday highs of last two days) and the 8874.49 support level. A break to the upside of this pattern targets the 9939.77 price level, with 10465.78 coming in as the next resistance target.
To the downside, a breakdown of the triangle could bring sellers into the fray, targeting the 8550.12 price level. The next support at 8000.90 tallies with the 200-day moving average, which confirms this price area as a logical downside target.