BTCUSDis moving in a symmetrical triangle that is at its high end currently
The longer such a triangle consolidates the heavier the breakout will be
BTCUSD Price Analysis: 4 Hr BTC Chart
DAY’S RANGE: 9566.81 — 9897.46
BTC Price Analysis Major Points
BTCUSDis trading above the 20 and 55-EMA which gives the structure more bullishness than bearishness. This can firstly indicate a breakout to the upside as the trend consolidation is above the EMAs
The volume is declining which is adding to the breakout scenario that will happen for BTCUSD. After the heavy breakout with its great volumeBTCUSDhas a falling volume which can indicate a price peak
The RSI consolidates in the middle and looks like it wants to aim for the lower and higher boundaries as its trending conditions.
The MACD is in a moderate state with a breakout to the upside possible as the fast line crosses the slower.
BTC Price Trading Tip
Adding these signs all together we have a more bullish price-chart and triangle than a bearish one. The fact that BTCUSDis consolidating above the EMAs and has some bullishvolatility gives the triangle a bullish shape.
When measured in probability we have a 65 % probability to breakout bullish and a 35 % probability to breakout bearish. It will be nice to see how this plays out in the bitcoinschart.
Luke has had a long interest in financial technology, especially cryptocurrency and blockchain. With a Bachelors degree in Journalism and Media, Luke is dedicating his writing skills for the digital currency sphere.He can be contacted at firstname.lastname@example.org