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BTC continues to defend the rising trendline drawn from Nov. 13 low and Dec. 22 low.

The 5-day and 10-day MAs slope downwards, while the 50-day MA favors the bulls.

Triangle pattern narrowing price range due to lower tops and higher bottoms.

View Repeated failure on the part of the bears to cut through trendline support adds credence to the bullish upward sloping 50-day and 10-week MAs, and could yield a rally to $14,690 50-day MA or even $15,000.

Further gains will face resistance, courtesy of the bearish short-term moving averages 5-day and 10-day MAs.

A close as per UTC above $16,000 triangle resistance would indicate the rally from Nov. 12 low of $5511.11 has resumed. Prices could then have potential to revisit record highs of $20,000.

On the other hand, if prices close as per UTC below $12,500 Dec. 30 low bitcoin may be looking down towards $10,000–$8,000.

Climbing wall

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