There is a fair bit of chatter about the supportive triangle forming around the BTCUSD price around $6000. Looking at the average confirmation time (time for the blockchain to confirm an actual transaction), it is currently sitting at a low of 15 minutes and has been steady below that level since around mid March 2018. During the big spike in price and collapse after, the average confirmation times started swinging into the 250 minute (7 day Ave) region then hitting highs of over 2000 minutes, that means it took on average that long to actually process one bitcoin transaction… no wonder the price fell.
The 7 day average of the mempool size also climbed over 20,000,000 bytes to highs of 110,000,000 bytes. Currently it is in the region of 3,000,000 bytes and has been largely stable around this region since March 2018. These more stable computational regions tie in nicely with the supportive price region in BTC.
From a fundamental viewpoint, the price is looking supportive and indicates that should a triangle break out occur, it would probably be to the upside.
Any one else with any other views to this?