Bitcoin Price Analysis: Ascending Triangle or Double Top?

Bitcoin has failed to chew through offers around $8,900 for the second day. 

The cryptocurrency hit highs just above $8,900 in the early US trading hours and is currently priced around $8,720 on major exchanges. 

The correction from $8,900 to $8,720 has aborted the bullish 1H chart view. The pair is now trapped in an ascending triangle, which comprises of a horizontal resistance line and an upward sloping support line. 

1H chart: Ascending triangle

A convincing move above $8,900 would confirm an ascending triangle breakout on the 1H chart and allow an extension of the rally to levels above $9,000.

However, if prices fall below the Asian session low of $8,555, a double top breakdown would be confirmed. That may bring additional losses toward $8,100.

1H chart: Double top